On Monday, PayPal acquired Curv, a Tel Aviv-based startup. PayPal said it expects to complete the acquisition in Q1 of 2021 but did not disclose details of the deal.
Israeli firm Curv provides cloud-based infrastructure for digital asset security to institutions.
The Curv deal is the first significant crypto acquisition for PayPal. They are considering their investment in talent and technology to realize their vision for a more inclusive financial system. The PayPal team mentioned its recently created crypto and blockchain-focused business. It will help the firm drive sustained growth and innovation in the digital currency ecosystem.
CEO Itay Malinger and CTO Dan Yadlin founded Curv in 2018. Curv has designed a new wallet infrastructure. It uses cryptography to provide autonomy and ease of conducting transactions without using complex private signatures.
Maybe Curv would be PayPal’s first confirmed plan among perhaps many others, to acquire crypto-focused firms. Curv co-founder and CEO Itay Malinger said, “Now, as the adoption of digital assets accelerates, we feel there’s no better home than PayPal to continue our journey of innovation.”
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In October 2020, the platform first announced to enable cryptocurrency as funding sources for purchases in 2021. It will allow users to utilize cryptocurrency holding to make purchases at its network of more than 26 million merchants. Residents of the United States can currently use the payment platform for buying and selling crypto. Curv has partnerships with some notable crypto firms focused on Europe, such as eToro and FalconX. It suggests PayPal is serious about spreading.
