In a move that signals its increasing interest in cryptocurrencies, online payments giant PayPal has moved to acquire Curv, a Tel Aviv-based startup that provides security infrastructure for digital assets and cryptocurrencies. 

PayPal has announced an agreement to buy Curv for an undisclosed price. The acquisition comes barely three years after Curv was founded and is reportedly priced at under $200 million.

• Curv’s acquisition by PayPal signals that the online payments giant is doubling down on the cryptocurrency market at a time when it’s booming. After its acquisition, Curv will be rolled into a PayPal division focused on blockchain, crypto and digital currencies that was created just last year.

• Curv is a startup that helps its customers to store their crypto assets securely online. It operates a cloud-based service that lets its customers access their crypto wallets without any hardware device as often done.

• Curv’s market focus is on crypto exchanges, brokers, over-the-counter desks, and mainstream financial institutions rather than consumers. It seems that PayPal has had plans to offer secure crypto storage services for institutional holders and sees Curv as the easier way to do that rather than build its own product from scratch.

• Curv was founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin. The Tel Aviv-based startup has raised $30 million in venture funding from investors including Team8, Digital Currency Group, and investment firm Franklin Templeton. To that, an exit to PayPal reportedly priced at around $200 million seems like a good one.

• PayPal expects to close its Curv acquisition in the first half of this year.

Share this...

Facebook

Pinterest

Twitter

Linkedin

Whatsapp

Email

Print