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Paypal acquires crypto startup Curv

Photo of: Joseph Stone
by Joseph Stone

To guess the future of cryptocurrencies, it is significant to follow the strategy adopted by major players. Thus, in recent months, many companies have decided to take the crypto step. Others are trying to strengthen their position. This is the case of the company PayPal. Recently, the company communicated about the purchase of the company Curv.

The purchase of Curv by PayPal has been in the pipeline for some time. It is now official! On Monday, March 8, 2021, the company PayPal published a news release stating that it had just acquired the company Curv. Curv is a company that was founded in 2018 by Itay Malinger and Dan Yadlin. Curv works in the field of crypto security. Curv has valuable expertise in the cryptographic field and cyber security. Curv’s ambition is to encourage the adoption of blockchain for its clients’ business by providing a secure framework. The company’s headquarters are located in Tel Aviv, Israel.

“As a pioneer in the field of security infrastructure for digital assets, Curv is proud to be recognized as an innovative and trusted partner to support financial institutions around the world. With the significant adoption of digital assets, we believe there is no better place than PayPal to continue our innovation. “

Itay Malinger, CEO of Curv

Little information has leaked about the deal, however. Simply, we learn that the takeover of the company would have cost PayPal the sum of $200 million. According to the release, the purchase should be effective by the end of the first half of 2021.

This acquisition is not unlike the major decision PayPal made in October 2020. Indeed, at that time, PayPal took many by surprise when it posted its commitment to cryptocurrencies.

“The Curv acquisition is part of our strategy to invest in talent and technology to achieve our goal of a more inclusive financial system. During our conversations with the Curv teams, we were impressed with their technical expertise, entrepreneurial spirit and vision for the technology they have designed over the past few years. We look forward to welcoming the Curv teams to PayPal. “

Jose Fernandez da Ponte, Vice President of PayPal

PayPal is a heavyweight in the electronic payments space. With more than 20 years of experience, PayPal represents a market of 375 million customers worldwide in over 200 different markets. PayPal’s announcement about integrating cryptos such as Bitcoin as a means of payment caused a real shock wave. The price of Bitcoin that day jumped by more than 20%! Since then, it is clear that this announcement has snowballed, with many major players positioning themselves on the cryptocurrency.