PayPal will buy cryptocurrency security firm Curv as part of its push into crypto and digital assets, the company announced on Monday.
Curv is a provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel.
To drive sustained growth and innovation in this area, PayPal 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 expertise to PayPal.
Curv was founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin.
The terms of the transaction are undisclosed but Calcalist reported that PayPal was paying between $200 million (R3 billion) and $300 million (R4.6 billion) for the acquisition.
“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.
“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.”
PayPal expects to complete the acquisition in the first half of 2021.
“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,” said Malinger.
“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.”
PayPal has remained at the forefront of the digital payment revolution for more than 20 years.
By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 375 million consumers and merchants in more than 200 markets to join and thrive in the global economy.