PayPal announced that it has agreed to acquire Curv to accelerate and expand its initiatives to support cryptocurrencies
According to the official announcement from the company, PayPal announced that it plans to acquire cryptocurrency startup Curv in Tel Aviv, Israel. Not long ago, AZCoin News mentioned this information. In particular, there is a rather funny event that investors confuse Curv and Curve Finance (CRV), causing the CRV token to increase by 30%. And at present, PayPal has made an official announcement!
— PayPal News (@PayPalNews) March 8, 2021
What is Curv?
Curv is a cryptocurrency security company that helps you store your crypto assets securely. The company operates a cloud-based service that lets you access your crypto wallets without any hardware device.
Curv also lets you set up sophisticated policies so that the new intern cannot withdraw crypto assets without some sort of approval chain. Similarly, you can create allow lists so that regular transactions can go through more easily.
Curv is a cryptocurrency wallet for end users. The company offers its services to exchanges, brokers, and over-the-counter desks. If you’re running a fund and you plan on buying a large amount of cryptocurrencies, you could also consider using Curv.
Finally, financial institutions that are looking for a solution to store digital assets and diversify their balance sheet could also work with Curv.
PayPal is acquiring this crypto-security firm
PayPal also recently created a new business unit focused on blockchain, crypto and digital currencies. Curv will join that newly formed group, PayPal said. The payments giant has been slowly rolling out cryptocurrency products. It has partnered with Paxos so users in the US can buy, hold, and sell cryptocurrencies from their PayPal accounts.
Soon, PayPal also plans to let you buy and sell items with cryptocurrency. During its most recent earnings announcement, the company also said it plans to roll out crypto products in other countries, and in Venmo, the consumer fintech super app owned by PayPal.
The terms of the deal are not disclosed and the transaction will end at some point in the first half of 2021. Calcalist reports that PayPal paid between $ 200 million and $ 300 million for the acquisition. A person close to the company said that the transaction was under $ 200 million.
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