PayPal to obtain crypto security organization Curv within digital token push
09 March, 2021
US FinTech huge PayPal is shopping for Israeli cryptocurrency security firm Curv as part of its push into digital tokens.
Economic terms of the deal, which is likely to close on the first 1 / 2 of the entire year, were not disclosed. The offer is worth significantly less than $200 million, CNBC reported, citing a person familiar with the matter.
The deal can help PayPal “accelerate and expand” its initiatives to aid cryptocurrencies and digital assets, the San Jose-based company said in a statement.
Last October, PayPal, which can be used by a lot more than 375 million consumers and merchants on more than 200 market segments, launched a fresh service enabling users to buy, hold and sell cryptocurrency. The business as well created a dedicated organization unit to focus solely on blockchain and crypto.
"Curv will join the newly formed group, using its strong team of technologists adding complex expertise to PayPal," the business said.
The acquisition of the start-up is part of PayPal’s effort to invest in "talent and technology to realise our vision for a more inclusive economic climate", Jose Fernandez da Ponte, the company’s vice president and general supervisor for blockchain, crypto and digital currencies, said.
Paypal’s shares were downwards more than 5 per cent towards the end of trading on Monday. The company’s share has gained more than 122 per cent in the last 12 months.
Founded in 2018, Curv provides cloud-structured infrastructure to global businesses to protect their digital assets.
"Seeing that the adoption of digital assets accelerates, we feel there's no better home than PayPal to keep our journey of invention,” Itay Malinger, co-founder and leader of Curv, said. "We are fired up to join PayPal in growing the part these assets take up in the global market."
In July, Curv elevated $23m in funding with investment from Commerz Ventures, Coinbase Ventures, Digital Currency Group, Staff8 and Digital Garage area Lab Fund.
In October, asset manager Franklin Templeton and FinTech capital raising investor Illuminate Financial Management joined the company’s growing set of investors. Their backing brought the firm's total volume raised to $30m.
Source: www.thenationalnews.com
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