PayPal Holdings Inc. announced on March 8 that it would acquire the cryptocurrency firm Curv, a leading provider of cloud-based infrastructure for digital asset security, as PayPal seeks to beef up its talent pool for handling digital currencies.
In October last year, PayPal announced its commitment to help shape the role that digital currencies will play in the future of financial services and commerce. To provide innovation and drive sustained growth in this area, the company recently created a business unit focused on specific things like blockchain, crypto, and digital currencies. Curv will join the newly formed group, with its strong team of 40 members adding technical expertise to PayPal.
“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, PayPal’s vice president and general manager, blockchain, crypto, and digital currencies, said in the statement, according to Bloomberg. “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.”
Based in Tel Aviv, Israel, Curv was founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin.
“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,” said Malinger, according to the official press release. “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.”
Last year, Curv announced that, in total funding, it had raised $30 million from investors including CommerzVentures, Coinbase Ventures, and Digital Currency Group.
PayPal said it expects to complete the acquisition by midyear. The financial terms of the deal have not been disclosed.