PayPal has confirmed that it is going to acquire Israeli cryptocurrency custody provider Curv in the first half of 2021, according to its March 8 press release.
The financial terms of the deal have not been disclosed.
Multiple media outlets reported that the acquisition talks were still in the early stages last week, but PayPal has now made it official.
PayPal is committed to advancing cryptocurrencies
PayPal's Jose Fernandez da Ponte—who spearheads the payment giant's newly formed cryptocurrency and blockchain unit—praised the talent involved in the startup.
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. 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.
Founded back in 2018, Curv provides a cloud-based security service for digital assets that are owned by institutional investors.
As reported by U.Today, PayPal was also rumored to acquire cryptocurrency trust company BitGo, but the deal has fallen through.