Cross-border payment platform, PayPal has made the decision to buy the crypto security outlet, Curv as the publicly-traded company bids to consolidate its position in the Cryptocurrency sector. The plan was made known in a press report on the 8th of March. According to PayPal, the motive behind the decision is: “to accelerate and expand its initiatives to support cryptocurrencies and digital assets” as part of “its commitment to help shape the role that digital currencies will play in the future of financial services and commerce”.
The announcement, however, did not come as a surprise as it would be recalled that late last year PayPal revealed its intention to integrate disruptive crypto startup initiatives into its burgeoning ecosystem. At the time, Paxos and BitGo were rumored to be the targeted companies. Shortly after that, PayPal took the remarkable and long-waited decision to add major cryptos such as Bitcoin, Ethereum, etc., among its list of supported currencies.
Curv, the Innovative Cloud Security Platform for Digital Asset
Curv’s major products are built around the potential use-cases for Multiparty Computation, a novel cryptographic concept that has found applications as a critical framework for building digital security systems. In the words of the CEO, Itay Malinger, Curv is a: “pioneer in security infrastructure for digital assets”.
As regards the undertaking by PayPal to own the company, Malinger believes it is a great development at the right time, adding that PayPal’s experience in the financial services industry would serve as a key resource the company needs to achieve its goals.
Though it’s not yet explained how the two companies would operate after ownership is transferred, PayPal affirmed the deal is set to be finalized within the first 6 months of the year 2021.It is also not disclosed yet- what amount of money would be involved in the deal.