PayPal Acquires Crypto Custody Firm Curv – Expands Cryptocurrency Business Unit
PayPal has agreed to acquire Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets. Curv is a leading provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel.
In October 2020, PayPal announced its commitment to help shape the role that digital currencies will play in the future of financial services and commerce.
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.
“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
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. 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
Rumors of this acquisition surfaced about a week ago. PayPal has now confirmed the acquisition after its unsuccessful pursuit of California-based BitGo, a company that offers similar digital currency services as Curv. Also, this is the second acquisition by PayPal this year in this business segment after it recently added cryptocurrency tax software solution TaxBit to its cryptocurrency business unit.
PayPal expects to complete the acquisition in the first half of 2021. The financial terms of the deal were not disclosed.
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