PayPal has announced its first acquisition in the cryptocurrency and digital asset space: the security-focused startup Curv.
The acquisition was announced in a press release on Monday. PayPal said it “expects to complete the acquisition in the first half of 2021”, but did not disclose details of the transaction.
“In October 2020, PayPal announced its commitment to help shape the role that digital currencies will play in the future of financial services and commerce. To promote sustained growth and innovation in this area, the company recently launched a business “Curv will focus on blockchain, crypto and digital currencies. Curv will join the newly formed group, with its strong team of technologists adding technical expertise to PayPal,” the payment firm said in a statement.
It has long been speculated with PayPal that it will explore the crypto-space for possible acquisitions as part of an effort to improve its own capabilities. PayPal said earlier this month that it was investing significant resources in its emerging crypto unit after its services were formally launched in October.
Reports appeared last week about PayPal’s bid to acquire Curv.
Curv’s services center around multi-party computing, an emerging thread of cryptography that is now being applied to the security of cryptocurrencies. Ryan Weeks of The Block recently interviewed Curv co-founder and CEO Itay Malinger, who spoke about the firm’s technological approach and security ethos.
“We were the first to announce a product in MPC,” Malinger told The Block at the time. “I’m glad to see that others have come through. I think this is becoming the standard for software based solutions. ”
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