PayPal confirms purchase of startup Curv – Bits Media

PayPal confirmed the purchase of an Israeli startup Curv. For a payment giant, this is the first acquisition of the company, working in the field of digital assets and cryptocurrencies.

The official PayPal press release does not report the purchase price, However, it is said, that the deal should be completed in the first half 2021 of the year. The integration of the castodial service Curv will help PayPal in the development of the direction of digital assets. The Curv solution will be used to store crypto assets within its own business, but there are no access of third -party customers to it. The PayPal press release says:

“In October 2020 years PayPal announced that, What plans to help the cryptocurrency community to form the role of digital currencies in the future of financial services and trade. To ensure development and innovation in this area, the company launched a unit, specializing in the blockchain, cryptocurrencies and digital assets. Curv will join the team of this unit and provide his technical examination ".

According to rumors, The purchase price may be from $200 million to $300 million, Although one of the sources reported about $500 a million for Curv. Curv decision is based on multilateral calculations. As noted by CURV CEO Ita Malinger (Itay paints), It was the Israeli startup that presented the first solution using this technology. The Malinger said, that he is very pleased to see, How such solutions are becoming more popular.