US-based payments company Paypal is planning to acquire Tel Aviv-based cryptocurrency security firm Curv in order to develop its own crypto ecosystem, media reports said. Terms of the deal are undisclosed, however, the deal is expected to cost around $200 million and should be completed during the first half of 2021.
PayPal’s Jose Fernandez da Ponte said in a statement, “The acquisition of Curv is part of our effort to invest in the talent and technology to realise our vision for a more inclusive financial system.”
Curv helps its clients store your crypto assets securely through cloud. It also lets them access your crypto wallets without any hardware device. The startup also helps set up sophisticated policies so that the new intern cannot withdraw crypto assets without some sort of approval chain.
In a press conference, Dan Schulman, president and chief executive of Paypal said, “Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange.
“We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”
In December, it was reported that Paxos, the firm powering payment giant Paypal’s cryptocurrency services, has announced that it has raised around $142 million in its Series C funding round. The funding round was led by Declaration Partners, which is backed by the family office of Carlyle Group co-founder David Rubenstein.