PayPal Continues Cryptocurrency Push With Acquisition of Curv

By James White Tuesday, March 9, 2021

Online payment company and fintech giant PayPal continued to adopt cryptocurrency technology into its business this week with the announcement of its acquisition of cryptocurrency security startup company Curv. The financial terms of the agreement were not disclosed in the press release from the payment business.

"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 of blockchain, crypto, and digital currencies at the giant fintech company. "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."

Prior to the acquisition of the cryptocurrency startup company, Curv brought in $29.5 million from three business funding rounds, with participation from investors including Illuminate Financial, Franklin Templeton Investments, CommerzVentures, and more.

PayPal and Curv logos.

Secure Access to Cryptocurrency

Founded in 2018 by entrepreneurs Itay Malinger and Dan Yadlin, the Tel-Aviv fintech startup business aims to assist financial institutions and fintech businesses in the adoption of cryptocurrency. The startup company offers enterprise-level solutions for secure cryptocurrency asset management using a cloud-based wallet.

The multi-party computation software solution designed by the cryptocurrency startup business allows institutions to define policies that only allow authorized transactions from authenticated users. Destinations for transactions can be preapproved for fast processing, and all transactions can be easily audited using Curv’s servers. The platform built by the startup company supports popular cryptocurrency options, including Bitcoin, which is currently sitting at around $53,969 per coin, and Ethereum, which runs about $1,825 per ether.

"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.”

Crypto Economy Becoming Increasingly Accepted

Fintech companies and financial institutions like PayPal are continuing to prepare for the widespread adoption of cryptocurrencies.

Businesses across industries like Elon Musk’s Tesla, Starbucks, Amazon’s Twitch, and even Microsoft are accepting bitcoin transactions from consumers. Startups like Flexa and BitPay are already implementing crypto payment apps for users to conveniently pay for anything from coffee to home furnishings.

Solutions like those provided by Curv’s startup company will serve to catch banks and other financial institutions up to speed with the latest payment trends.

About the Author

Headshot of James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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