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PayPal is preparing for the acquisition of cryptocurrency security firm called Curv. The move is said to be part of the money transfer and payments system’s firm aim to get into cryptocurrency or digital tokens.
The new acquisition to help Paypal’s entrance to digital tokens
The intention to acquire Curv was announced by PayPal on Monday, March 8. As per CNBC, the deal is worth a lot less than expected as the companies are only signing a less than $200 million deal. This information was revealed to the media outlet by a person familiar with the subject.
It was added that the negotiation would end very soon, and it is expected to be sealed off within the first half of this year. As the acquisition was revealed, it was reported that PayPal’s shares went down by more than 1 percent on Monday.
The purchase comes just several months after PayPal shared about its plans and commitment to the fast-developing sector. The company also said that the transition to tokens is surely inevitable in this era.
As of this time, the American firm already set up new business segments to accommodate crypto, blockchain, and digital currencies since it is involved in the money transfer and payment trade.
"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," PayPal’s vice president and general manager for blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, said via press release. “We're excited to welcome the Curv team to PayPal."
About Curv
The company was founded only in 2018 by CEO Itay Malinger and CTO Dan Yadlin. Its main offering is to provide businesses with digital asset security technology that is delivered as a cloud service. With its acquisition, PayPal stated that it would help Curv to expand further by fully supporting its digital assets and cryptocurrencies.
Malinger said that they are also proud to be part of PayPal now as the result of the acquisition deal. "Now, as the adoption of digital assets accelerates, we feel there's no better home than PayPal to continue our journey of innovation,” he said. Meanwhile, the financial terms of the sale were not divulged.
