PayPal to acquire Israeli company to accelerate cryptocurrency ventures

PayPal said in October it will allow US customers to hold bitcoin and other virtual coins in its online wallet, and shop using cryptocurrencies at merchants on its network.

The PayPal app logo seen on a mobile phone in this illustration photo (photo credit: REUTERS)
The PayPal app logo seen on a mobile phone in this illustration photo
(photo credit: REUTERS)
Digital payments company PayPal Holdings Inc. announced that it will be acquiring Tel Aviv-based digital asset security technology company Curv.
PayPal intends to leverage the acquisition to expand upon its current cryptocurrency and digital asset initiatives, using Curv's cloud-based infrastructure for digital asset security.
PayPal said in October it will allow US customers to hold bitcoin and other virtual coins in its online wallet, and shop using cryptocurrencies at merchants on its network.
PayPal’s acquisition comes amid a bitcoin frenzy after Elon Musk’s electric vehicle company Tesla Inc revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars, sending the price of the digital currency higher.
“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, vice president and general manager, blockchain, crypto and digital currencies, PayPal.
“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," Fernandez da Ponte added. "We’re excited to welcome the Curv team to PayPal.”
PayPal estimates that the agreement and acquisition will be complete within the first half of 2021. The details of the agreement were not made public.
"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,” said Curv CEO Itay Malinger. “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."

Reuters contributed to this report.