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PayPal acquires digital asset startup Curv for nearly $200M
PayPal Holdings Inc. today announced it has acquired digital asset startup Curv Inc. to allow it to expand its initiatives in support of cryptocurrencies and digital assets.
Although the purchase price was not disclosed, Decrypt reported it was nearly $200 million.
Founded in 2018, Curv is a developer of digital asset security infrastructure technology designed to help crypto companies and financial institutions create their own digital wallets. Its tX platform, launched to the public in July, is designed to allow cryptographers and engineers who use Curv’s keyless technology to develop flexible deployment models.
Curv offers multiparty computation security technology that it says is a critical requirement to transfer, store and manage any digital asset safely on any blockchain or distributed ledger. The company’s keyless MPC technology and tech stack enables the delivery of customized digital asset security solutions that are both scalable and adaptable with support hot, warm and cold wallet configurations as well as all tokens and protocols.
The company’s clients include eToro Group Ltd., FalconX Ltd., Genesis Global Trading Inc., Korbit Inc., SwissBord Solutions OU, Bitbond GmbH, Zero and BNP Paribas S.A.
PayPal went big on cryptocurrencies in October with an exchange platform that allows its customers to use their existing PayPal accounts to trade cryptocurrency. Curv plays into that expansion, with the startup to become part of a newly formed group in PayPal focused on blockchain, crypto and digital currencies.
“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,” Jose Fernandez da Ponte, vice president and general manager, blockchain, crypto and digital currencies at PayPal, said in a statement.
Prior to acquisition, Curv had raised $29.5 million in venture capital funding, according to Crunchbase. Investors included Illuminate Financial, Franklin Templeton Investments, DG Daiwa Ventures, Team8, CommerzVentures, Digital Currency Group, Coinbase Ventures, Jump Capital and Flybridge.
The acquisition is expected to be finalized in the first half of 2021.
Image: Curv
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