PayPal, the Payment giant, has officially confirmed that it is acquiring Curv, a cryptocurrency firm based in Tel Aviv, Israel.
The detailed terms of the purchase are not published yet. However, the transaction will be cleared around half of 2021.
As Bloomberg reported, PayPal has been setting up a new team in order to extend their services regarding cryptocurrency after it started enabling the users to buy, sell, and hold cryptocurrency in the virtual wallet. Curv along with its 40+ employees will be joining the squad soon, said PayPal in an official statement on Monday.
Curv is a crypto-security startup that allows you to store your digital assets safely. It offers a cloud-based service that enables you to access your crypto wallets without handling the hassles of any hardware devices. It uses multi-party computation in the backend to maintain private keys. As soon as a user creates a wallet, cryptographic confidential information is simultaneously generated both in the user-device and Curv’s server. In 2020, The firm raised a total funding of $30 million from investors including Coinbase Ventures, CommerzVentures, and Digital Currency Group.
“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, Vice president, PayPal.
“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,” the General Manager (blockchain, crypto, and digital currencies) of Paypal added.