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PayPal agree to acquire cryptocurrency startup Curv
PayPal have agreed to acquire Curv, a provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel. The acquisition is what they describe as a move to aid their acceleration and expansion in initiatives to support cryptocurrencies and digital assets.
The question of whether or not cryptocurrency is dead for ecommerce is still a valid one, but PayPal announcing their commitment to help shape the role that digital currencies will play in the future of financial services and commerce and this new acquisition proves interesting for the future, especially considering how the pandemic has changed consumer behaviors and digital growth.
“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.”
– Jose Fernandez da Ponte, vice president and general manager, blockchain, crypto and digital currencies, PayPal
PayPal say that to drive sustained growth and innovation in this area, the company recently created a business unit focused on blockchain, crypto and digital currencies. Curv will join the newly formed group, with its strong team of technologists adding technical expertise to PayPal. PayPal expects to complete the acquisition in the first half of 2021 and financial terms of the deal were not disclosed.
“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.”
– Itay Malinger, CEO, Curv