PayPal boosts its cryptocurrency muscle with security startup acquisition
PayPal has announced its deal to acquire crypto security company Curv as it looks to expand its operations within the crypto and digital currency space. The deal is expected to close in the first half of 2021.
The tech startup company which provides companies with digital asset security technology that’s delivered as a cloud service will see PayPal accelerate and expand its support of cryptocurrencies and digital assets.
Jose Fernandez da Ponte, vice president and general manager, blockchain, crypto, and digital currencies at PayPal said the acquisition of Curv is part of their effort to invest in the talent and technology to realize their 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,” he said in a statement.
"As a pioneer in security infrastructure for digital assets, Curv is proud to be recognized as an innovator and trusted partner to lead financial institutions around the world," Co-Founder and CEO of Curv Itay Malinger said in a statement.
"Now, as the adoption of digital assets accelerates, we feel there's no better home than PayPal to continue our journey of innovation. We're excited to join PayPal in expanding the role these assets play in the global economy," he added.
In October 2020, PayPal announced its commitment to help shape the role that digital currencies will play in the future of financial services and commerce.