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PayPal officially announced that it will buy Curv, a Tel Aviv, Israel-based crypto firm, confirming previous rumors of the acquisition. The payments giant explained that the move is aimed at accelerating and expanding its crypto initiatives.
“PayPal Holdings, Inc. today announced that it has agreed to acquire Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets,” PayPal said in a press release on March 8. “Curv is a leading provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel.”
Previous estimates place the deal to be worth between $200 million and $500 million. While PayPal did not specifically mention the financial terms of the deal, CNBC reported that the acquisition is less than $200 million citing a person familiar with the matter as its source.
In October last year, PayPal affirmed its commitment to cryptocurrencies and has recently created a business unit focused on crypto and blockchain. The company announced that Curv will join the newly created group.
“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," said Jose Fernandez da Ponte, PayPal’s vice president, and general manager on blockchain, crypto, and digital currencies. “During our conversations with Curv's team, we've been impressed by their technical talent, entrepreneurial spirit, and the thinking behind the technology they've built in the last few years. We're excited to welcome the Curv team to PayPal.”
Curv CEO Itay Malinger expressed his satisfaction in joining PayPal’s new business group. The executive said that with the acquisition, Curv will be better positioned to take advantage of the crypto sector’s rapid growth.
“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,” Malinger said. “Now, as the adoption of digital assets accelerates, we feel there's no better home than PayPal to continue our journey of innovation. We're excited to join PayPal in expanding the role these assets play in the global economy.”
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