Finance giant PayPal announced that it has acquired the cryptocurrency and digital asset wallet Curv. While the details of the sale agreement were not disclosed, it was the first digital asset company PayPal bought.
PayPal announced in its press release on March 8 that it has acquired the digital asset company Curv. The Israeli-based company allows its customers to store cryptocurrencies such as Bitcoin.
“A more inclusive financial system”
Entering the crypto money industry in October 2020, PayPal announced that it wants to establish a “more inclusive financial system” in line with its studies. Jose Fernandez de Ponte, who is responsible for PayPal’s cryptocurrency, stated that they were impressed by the “technical ability and entrepreneurial spirit” of the Curv team.
While the terms of the deal are not shared, according to the Decrypt report, PayPal is likely to have paid $ 200 million to get the Curv.
Founded in 2018, Curv uses the multi-party computation method known as MPC to protect customers’ money. Curv, one of the leading companies doing this, uses cloud computing technology to ensure the security of digital assets.
PayPal, which has acquired a crypto-focused company for the first time, is preparing to build an internal team for digital assets. This team will work to improve the current financial infrastructure.