PayPal today confirmed the acquisition of cryptocurrency security technology provider firm Curv after weeks of rumors about the payment giant’s first crypto acquisition. Curv is a leading provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel. The firm in its official press release said,
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.”
The firm announced its plans of expanding its crypto ecosystem back in October 2020 and formed a business unit to look into the development of blockchain technology and digital assets. The newly acquired Curv would join this unit of Pay Pal and help the payment processing giant to venture into crypto custody services.
PayPal Looking to Expand its Digital Asset Ecosystem
PayPal joined the growing league of mainstream financial giants dipping its toes in the cryptocurrency after it announced crypto trading and custody services of bitcoin, ethereum, litecoin within the mobile application. The decision was considered a breakthrough point as it would allow nearly 63 million customers on the platform to buy and sell bitcoin and other cryptocurrencies.
The payment processing giant has been working towards expanding its crypto reach ever since. Many believe the Curv acquisition would allow the firm to dwell into crypto custody services with top-notch security.
Curv CEO Itay Malinger believe their association with Pay Pal would help them further their innovation in the decentralized space and said,
“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.”