PayPal to acquire Curv as it looks to push its cryptocurrency ambitions
Paypal is looking to further expand its presence in the cryptocurrency market and is looking to acquire a cryptocurrency firm.
On 11th March 2021, PayPal acquiredCurv for an undisclosed amount. After the announcement of the launch of a new series for its customers to buy and sell cryptocurrencies from their PayPal accounts, company is now looking to push its ambitions in cryptocurrency market with acquisition of Curv.
Curv is an Israel-based cryptocurrency security firm. It provides cloud-based infrastructure for digital asset security. The acquisition deal with PayPal is expected to close in first half of 2021.
After the announcement of its plans to explore the opportunities in digital currencies, PayPal created a business unit completely focused on blockchain, crypto and digital currencies. As part of its blockchain ambitions, PayPal as partnered with the New York state-regulated Paxos. This partnership will see company offer cryptocurrency transaction services to its customers from October, 2021.
PayPal believes that shift to digital form of currency is inevitable and it brings so many advantages to the table. Some of the advantages are speed, efficiency, and resilience in payment. PayPal is already one of the leading companies in the field of digital currencies. It offers digital payment expertise, two-sided network, rigorous security and compliance controls. In a step to further push the understanding and adoption of cryptocurrency, PayPal introduced the ability to buy, sell, and hold on to cryptocurrencies for its customers. Initially company featured Bitcoin, Ethereum, Bitcoin Cash and Litecoin, directly within the PayPal digital wallet.
Paypal is looking to further expand its presence in cryptocurrency market and is looking to acquire a cryptocurrency firm. Company was in talks with BitGo for an acquisition deal, but the deal fell through. BitGo is one of the oldest cryptocurrency firm in the country.
Jose Fernandez da Ponte, Vice president and general manager, blockchain, crypto and digital currencies, of PayPal said, “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.” PayPal is also looking to use Curv’stechnical talent, entrepreneurial spirit and the crypto technology.
Curv is a leading supplier of cloud-based infrastructure for digital assets and cryptocurrency. Currently, the company provides security and infrastructure to more than 200 cryptocurrencies and tokens on multiple blockchains. Curv’s products are regularly pen-tests and reviewed by some of the world’s leading cryptographers.
