The buyout, for an undisclosed amount, comes just months after PayPal announced the ability to pay for and manage its Bitcoin and other currency wallets.
PayPal gets secure asset management technology in the cloud
The Israeli startup offers its customers secure storage of their assets but also a cloud-based wallet solution that allows them to manage their assets without having to use a device to do so. Its customers include BNP Paribas, which uses its solutions to manage and secure crypto-currency transfers.
The amount of the transaction was not disclosed by PayPal in its press release, but CNBC mentions, according to internal sources, an amount close to 200 million dollars. The buyout is expected to be finalized by the first half of 2021.
The payment service multiplies acquisitions to become a major player in crypto-currencies
This new acquisition shows PayPal’s desire to become a major player in the crypto-currency sector. In October 2020, the company had announced that it was now offering an asset management platform and payment in Bitcoin, Ethereum, Bitcoin Cash and Litecoin for US users. It should be rolled out internationally within the next few months.
Back in January, PayPal also invested in TaxBit, a startup that specializes in calculating and paying taxes on crypto-assets.
With the integration of Curv and its technologies, PayPal should be able to progress much faster on the subject of crypto-currency management. In fact, the group recently created a division specializing in blockchain and digital currencies to accelerate its deployment.
After a record-breaking fourth half of the year, PayPal has just announced the acquisition of Curv, an Israeli startup specializing in crypto-currency management and storage. Through this acquisition, the leader in online payments says it wants to guarantee the security of digital assets on its platform. The terms of the agreement as well as the amount of the transaction have not been revealed for the moment. According to a source close to the matter, CNBC underlines that PayPal would have paid less than 200 million dollars to buy Curv.
Curv: specialist in the storage of cryptocurrencies
Based in Tel Aviv, Curv is a young startup founded by entrepreneur Italy Malinger in 2018. The company’s business focuses on secure storage of digital assets through a cloud-based service. With this solution, users do not need a hardware device in order to securely access their cryptocurrency wallet.