PayPal confirmed that it is buying the Israel-based Curv security firm that will help it accelerate and expand initiatives to support crypto and digital assets as we are reading more in our latest cryptocurrency news.
PayPal confirmed on Monday that it agreed to acquire Israel-based Curv which is a provider of cloud-based cryptocurrencies and digital assets to build a better infrastructure for digital asset security. The financial aspects of the deal weren’t disclosed but the payments company said it will use the new purchase to expand the initiatives to support cryptocurrencies and digital assets. Jose Fernandez da Ponte who is the vice-president of blockchain, crypto, and digital currencies said:
“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system. During our conversations with Curv’s team, we’ve been impressed by their technical talent, entrepreneurial spirit, and the thinking behind the technology they’ve built in the last few years. We’re excited to welcome the Curv team to PayPal.”
On the other hand, Curv co-founder and CEO Itay Malinger said that with the growing adoption rate of digital assets, we see that there’s no better home than PayPal to continue the journey of innovation. PayPal said that it expects the acquisition to be completed in the first half of this year. PayPal partnered with New York state-regulated Paxos to offer to buy and to sell of crypto which started in October was known to be on the hunt for another crypto custody acquisition reportedly being in talks to purchase BitGo for $750 million but it did fell through.
Multi-party computation shows like Fireblocks and Curv are in the short supply and the latter is known to be working on crypto custody with BNY Mellon. Curv rebuffed an offer to be acquired by Facebook’s Novi crypto arm according to a source with knowledge of the deal. Curv partnered with notable crypto firms focused on Europe like FalconX, eToro which suggests that PayPal is serious about spreading crypto footprints outside of the US as well as offering a broader range of services. With the big banks locking up partnerships on the custody front, this year will see more crypto M&A from institutional players.
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