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PayPal confirms its acquisition of Curv for the security of digital assets
On Monday, Paypal confirmed that it would soon acquire the Israel-based Curv for digital asset security.
There were a lot of rumors last week, and now PayPal has confirmed the acquisition. According to the announcement, PayPal Holdings Inc. has agreed to acquire the Curv to expand its initiatives to support cryptos and digital assets. Notably, Curv is an Israel-based cloud infrastructure for providing security to digital assets. Earlier in 2020, it announced its determination to shape the role of cryptos in financial services. Recently, PayPal has created a unit focused on blockchain and digital assets to drive innovation and growth in the particular area.
According to Jose Fernandez, General Manager of PayPal, the acquisition of Curv is their effort to invest in the technology to realize their vision for a better financial system. Curv, a cloud-based infrastructure, was founded by Itay Malinger and Dan Yadlin in 2018. It is recognized as a trusted partner to the leading financial institutions across the world. Although the deal's financial terms are not yet disclosed, it expects to complete its acquisition in early 2021 itself. The PayPal teams seem to be impressed by the technical talent and entrepreneurial spirit of the Curv team.
Itay Malinger, the co-founder of Curv, said that PayPal is the best to continue their innovation journey with the adoption of digital assets. PayPal was already on a hunt for a crypto custody acquisition since October 2020. It was reported to have talks to buy BitGo for nearly $750 million. Curv is also partnered with some crypto firms such as eToro and FalconX, which suggests that PayPal is very serious about spreading its footprints outside the United States and offering a broad range of services. Paypal also partnered with Paxos in October to offer to sell and to buy the cryptos. Curv and Fireblocks like Multi-party computation are in short supply of crypto land and are working on crypto custody. The year ahead would indeed see more crypto Mergers and acquisitions from institutional players.