Payments giant Paypal has announced that it is acquiring Tel Aviv-based crypto security infrastructure provider Curv. According to Paypal, this acquisition will help the company “expand its initiatives to support cryptocurrencies and digital assets.” The deal is reportedly worth less than $200 million.
Paypal Holdings Inc. (NASDAQ: PYPL) announced Monday “that it has agreed to acquire Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets.”
Founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin, Curv is a leading provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel. The crypto custody company said last year that it raised $30 million in funding from investors, including Commerzventures, Coinbase Ventures, and Digital Currency Group. Curv currently supports more than 200 coins and tokens, including all ERC20 tokens and sub tokens on multiple blockchains.
Paypal expects to complete the acquisition of Curv in the first half of 2021. While the company has not disclosed the financial terms of the deal, CNBC reported that the deal is worth less than $200 million, citing a person familiar with the matter.
“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,” said Jose Fernandez da Ponte, Paypal’s vice president and general manager for blockchain, crypto, and digital currencies.
The payments giant recently created a dedicated business unit that focuses on “blockchain, crypto and digital currencies,” it described, noting that Curv will join this group.
Paypal began offering its users the ability to buy, sell, and hold cryptocurrencies on its platform in November last year, and will soon expand its crypto offerings to users in the U.K. The company also plans to enable its 28 million merchants to accept cryptocurrencies for payment of goods and services this year.
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