PayPal announced plans to acquire Israeli cryptocurrency startup Curv specialized in developing digital asset storage security solutions.
Payment service PayPal, which announced last year its plans to support transactions in cryptocurrencies, informed that it plans to buy cryptocurrency startup Curv, which develops systems for the safe storage of cryptoassets. Curv acts as a cloud service operator that allows users to access their cryptocurrency wallets without additional equipment, that is, it manages cloud crypto wallets. Curv’s main target audience is large cryptocurrency owners, i.e. crypto exchanges, brokers, asset managers and other financial institutions.
“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,” Jose Fernandez da Ponte, PayPal vice president and general manager of blockchain, crypto and digital currencies, said in a statement.
The cost of the deal was not disclosed. A week earlier, the Israeli media Calcalist reported that the purchase of the startup would cost PayPal approximately $200-$300 million.
The deal is supposed to be closed by the end of the first half of 2021. PayPal clarified that the Curv team will merge with PayPal’s crypto services and solutions division.
In October 2020, PayPal announced its plans to launch a service for digital currency transactions. PayPal later partnered with the crypto company Paxos to enable US users to buy, store and sell cryptocurrency directly from PayPal accounts. In the near term, PayPal also plans to launch a service that allows to buy and sell goods using cryptocurrencies. There are also plans to launch cryptocurrency products in other countries outside the US and inside the Venmo consumer app, according to the company’s latest financial report.