PayPal to acquire crypto security startup Curv to fuel its cryptocurrency-centric initiatives

PayPal to acquire crypto security startup Curv to fuel its cryptocurrency-centric initiatives

[ad_1]

Fintech giant PayPal Holdings has announced that it has agreed to acquire Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets. Curv is a developer of digital asset security infrastructure helping crypto-native and financial institutions to create digital wallets.

PayPal expects to complete the acquisition in the first half of 2021. The financial terms of the deal are not disclosed. However, Israeli newspaper Calcalist, which first reported this move, reports that the amount was between $200M (approx €168.28M) and $300M (approx €252.4M) for the acquisition. CNBC, however, reports that the deal is worth less than $200M (approx €168.28M).

The cost of building software

Marek Gajda, CTO of The Software House, shares his insights on building high-quality…Show More
Marek Gajda, CTO of The Software House, shares his insights on building high-quality software. Show Less

What does Curve offer?

Founded in 2018 by Dan Yadlin and Itay Malinger, Curv is a provider of digital asset security technology that is delivered as a fully scalable, enterprise-grade, and compliant cloud service.

The company’s security technology is enabling users to build crypto finance products that safely transfer, store, and manage any digital asset on any blockchain or digital system for recording transactions. Its research and development office is located in Tel Aviv, Israel.

Curv’s decentralised security model utilises multi-party computation (MPC) protocols, enabling transactions to be securely signed in a mathematically-proven, distributed way. Its enterprise-grade policy engine allows clients to define risk profiles and enforce granular policies to ensure only authorised transactions are allowed.

Aim of this acquisition?

Last year in October, PayPal had signaled its plans to significantly increase cryptocurrency’s utility by making it available as a funding source for purchases at its 26 million merchants worldwide. The company aims to help shape the role that digital currencies will play in the future of financial services and commerce. 

To drive sustained growth and innovation in this area, the company recently created a business unit focused on blockchain, crypto, and digital currencies. “We are pleased to announce that all eligible PayPal account holders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal,” the company says in a statement.

Curv will join the newly formed group, with its strong team of technologists adding technical expertise to PayPal.

Jose Fernandez da Ponte, VP and GM, blockchain, crypto, and digital currencies at PayPal, says, “The acquisition of Curv is part of our effort to invest in the talent and technology to realise 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.”

About Paypal

PayPal is a financial service company that provides online payment solutions to its users worldwide. Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal is committed to democratising financial services and empowering people and businesses to join and thrive in the global economy. 

PayPal’s open digital payments platform gives its 375 million customers the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal has managed to create ways to move money and offers choice and flexibility when sending payments, paying, or getting paid.

Its services are available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo, and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.

Cloud spend management 😱

Tracking cloud spend can be tricky. Learn from Nebula’s CTO Andre Witte how to keep the…Show More
Tracking cloud spend can be tricky. Learn from Nebula’s CTO Andre Witte how to keep the costs at bay in 2021. Show Less

[ad_2]

Source link

Leave a Reply