Paypal expands its presence in the cryptocurrency sector by acquiring Curv. The aim on PayPal’s part is clear:
“Accelerate and expand its initiatives to support cryptocurrencies and digital assets”.
Curv is a company that deals with security infrastructure for digital assets. Rumours of a possible acquisition had been circulating for a few days and had also generated some misunderstandings. The CRV token, of Curve DAO Finance, which has nothing to do with Curv, has been experiencing strong price fluctuations in recent days, perhaps due to the confusion that has been generated.
Curv does not actually issue tokens, but provides security systems to protect transactions and digital wallets.
The technology developed by Curv, a company founded in 2018 in Israel, in fact provides institutions with protection and autonomy in the management of digital assets, without resorting to physical devices.
Paypal’s goals with Curv in the crypto space
The acquisition will be finalized by the first half of 2021. The financial terms are not known.
It certainly represents a further development for PayPal, which is aiming to have a leading position in the cryptocurrency sector, following its entry in October 2020. For this reason, it has created a unit that focuses on blockchain, cryptocurrencies and digital currencies. Curv will join this team.
Jose Fernandez da Ponte, vice president of this unit, explained:
“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. 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”.
There is enthusiasm at Curv. The CEO Itay Malinger comments:
“As a pioneer in security infrastructure for digital assets, Curv is proud to be recognized as an innovator and trusted partner to leading financial institutions around the world. Now, as the adoption of digital assets accelerates, we feel there’s no better home than PayPal to continue our journey of innovation. We’re excited to join PayPal in expanding the role these assets play in the global economy”.