By Sabina Muradova
On Mar 09, 2021
PayPal made its first investment in the cryptocurrency and digital assets sector by announcing the acquisition of Curv, a pioneering initiative in digital asset security.
On Monday, U.S-based digital payments giant PayPal Holdings announced in a press release that the company is agreed to acquire Curv. Israel-based Curv is a leading provider of cloud-based infrastructure for digital asset security. There have been rumors that the American digital payment company has been in negotiations with a cryptocurrency startup Curv, for weeks.
Finally, PayPal has made an official announcement on the other day that the company is buying crypto-security firm Curv. According to PayPal’s statement, they expect the acquisition to be complete in the first half of 2021. However, no in-depth information has yet been disclosed about the details of the agreement. PayPal stated the following in its official announcement:
“In October 2020, PayPal announced its commitment to help shape the role that digital currencies will play in the future of financial services and commerce. To drive sustained growth and innovation in this area, the company recently created a business unit focused on blockchain, crypto, and digital currencies. Curv will join the newly formed group, with its strong team of technologists adding technical expertise to PayPal.”
Jose Fernandez da Ponte, vice president and general manager, blockchain, crypto, and digital currencies at PayPal, said:
“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.”
Cryptocurrencies have a got a shot to become mainstream in 2020-2021. In this period, PayPal also entered the crypto space and announced that its customers could buy and sell digital currencies using their PayPal accounts. PayPal currently provides these services for Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The acquisition of Curv become the latest in a series of moves confirming the firm’s interest in the cryptocurrency market.
It seems that PayPal is doing more research to speed up and expand its initiatives to support cryptocurrencies. We may see more purchases from the payments giant in the coming days.
Disclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.