Another step towards the expansion of its business operations has been taken by electronic payment giant cum crypto service provider, PayPal. The company announced its decision of acquiring a company called Curv – a firm that is registered in Tel Aviv and provides crypto security services. PayPal says that the acquisition is essential for the adoption of digital currencies and assets at the global level.
It has been announced by PayPal recently that it has decided to acquire a crypto firm that is a provider of security services. PayPal told that for a total consideration of US$ 200 million, it will soon be taking over a Tel-Aviv company called Curv. The latest acquisition has been proposed for expanding PayPal’s business objectives for increasing digital currencies’ and assets’ adoption worldwide.
The announcement was revealed by PayPal Holdings Inc. on 8th March, 2021.
Curv is an industry-leading company built and established in Tel-Aviv, Israel for providing hi-tech security protocols for cryptocurrencies, which are cloud-based. It was founded by Itay Malinger and Dan Yadlin in 2018 who also later served the company as CEO and CTO respectively.
Last year, Curv also found announcing that it had received funds to the tune of US$ 30 Million from several investment. These investors included some of the globally known names such as Digital Currency Group, Commerzventures as well as Coinbase Ventures. It has been providing security protocol services to multiple digital currencies and tokenized forms of cryptos. By the end of February 2021, it was reported that at least 200 different crypto assets/currencies are held under the security of Curv.
Meanwhile, it was rumored that the acquisition has been done at the cost of US$ 200 Million only. However, both the companies have kept the terms of the acquisition confidential. It is likely that the cost of acquisition being told by an anonymous person may or may not be the same.
Yet PayPal and Curv collectively confirmed that acquisition process will be completed before the end of Q1, 2021 i.e. prior to end March.
VP of PayPal, Jose Fernandez da Ponte, pointed out that the objective of PayPal is to take on board global talent and technological innovation. He said that both are essentially required to accomplish PayPal’s ambition of providing a comprehensive and secured financial system. Now that PayPal has launched its crypto services in UK, PayPal is expected to meet the needs of PayPal’s growing customers.
He further informed that after acquiring control of Curv, PayPal will be utilizing its services for its dedicated group relating to Blockchain.
Crypto market experts are suggesting that PayPal has been busy taking steps for promoting its crypto services. They were of the view that soon PayPal would be joining the economic giants of the world just because of crypto integration. While a few experts were of the view that this year’s revenue generation of PayPal would be enormously high because of crypto trading.