American payments giant PayPal has confirmed the acquisition of cryptocurrency custody security startup Curv. The digital payments firm has been rumored to be in talks with the Israeli startup for weeks now. Curv joins PayPal’s recently created blockchain and crypto unit.
In its press release today, the San Jose-based company revealed that it had “agreed to acquire Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets.” PayPal didn’t reveal the financial terms of the deal. However, an Israeli media outlet puts the figure at $200 million – $300 million.
“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,” the vice president of PayPal’s blockchain and crypto division, Jose Fernandez da Ponte remarked.
PayPal has been in conversations with Curv founders for a while now and was impressed by their technical talent, he added. The technology they have built over the past three years will be a great addition to the PayPal family, he believes.
Itay Malinger, the cofounder and CEO of the Israeli startup is equally excited to join the PayPal family. Malinger founded the startup in 2018 alongside Dan Yadlin who has been serving as the CTO. Commenting on the acquisition, Malinger stated:
“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, …
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