PayPal announced its first acquisition in the cryptocurrency and digital assets market: the startup Curv with a focus on security.
The acquisition was announced Monday in a press release. PayPal said it “expects to complete the acquisition in the first half of 2021”, but did not disclose details of the deal.
“In October 2020, PayPal announced its commitment to help shape the role that digital currencies will play in the future of financial services and commerce. To drive sustained growth and innovation in this area, the company recently created a business unit focused on blockchain, crypto and digital currencies. Curv will join the newly formed group, with its strong team of technologists adding technical knowledge to PayPal, “said the payments company in a statement.
PayPal has long been said to be exploring the cryptographic space in search of potential acquisitions, as part of an offer to increase its internal capabilities. PayPal said earlier this month that it was investing significant resources in its growing crypto unit after formally launching its services in October.
Reports emerged last week about PayPal’s offer to acquire Curv.
Curv’s services revolve around multiparty computing, an emerging segment of cryptography that is now being applied to cryptocurrency security. The Block’s Ryan Weeks recently interviewed Curv co-founder and CEO Itay Malinger, who spoke about the company’s technological approach and security philosophy.
“We were the first to advertise a product on MPC,” Malinger told The Block at the time. “I am happy to see that others have passed. I think for software-based solutions, it’s becoming the standard. “
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