PayPal is in the midst of moving forward with its acquisition deal of the cryptocurrency security storage startup Curv, according to a press release on Monday (March 8).
Curv was launched in New York, New York in 2018 by Itay Melinger, who serves as chief executive officer, and Dan Yadlin, chief technology officer. The company has a research and development office in Tel Aviv, Israel, where the startup ranks among the leading cloud-based infrastructure firms for digital asset security.
“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,” said Jose Fernandez da Ponte, vice president and general manager, blockchain, crypto and digital currencies, PayPal.
Curv’s technology securely stores digital currency using encryption based on multi-party computing and distributed ledger technology (DLT). PayPal started accepting bitcoin and other cryptocurrencies, and recently developed a division that will solely focus on blockchain and digital assets. Curv will be part of that new entity.
Melinger said that Curv is a “pioneer” when it comes to providing security infrastructure for digital assets, and that the company is “seen as an innovator and trusted partner.” He added that as the use of digital currency continues to escalate, “there’s no better home than PayPal” to help Curv further extend how crypto will “play in the global economy.”
The acquisition should be finalized before the end of the summer. A source told CNBC that the deal is valued at less than $200 million.
Early discussions for PayPal’s acquisition of Curv started last week. It was in November of 2o20 that PayPal started allowing bitcoin and other digital assets to be deposited and used for purchases at retailers, which was seen as a major move toward the mainstream acceptance of digital currency.
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