The global digital payment processing giant PayPal has bought a cryptocurrency escrow company, Curv.
PayPal announced that wants to create a kind of “super application” that, in addition to payments and purchases, enables a new form of identity verification through digital media, as well as a social network.
Israeli newspaper Calcalist originally reported the move and now PayPal made an official announcement.
According to a press release, the acquisition is part of PayPal’s initiative to accelerate and expand its activities related to digital currencies.
Curv is a security infrastructure startup digital asset that helps institutions to create digital portfolios. Its security technology allows users to securely store and manage any digital asset on any blockchain or digital system to record transactions.
Headquartered in Tel Aviv, Israel, Curv provides a scalable cloud-based service that replaces the need for cold and hot wallets, all powered by multiparty computing (MPC).
Paypal wants to lead the cryptocurrency industry
Curv’s purchase certainly represents another development for PayPal, which aims to be a leading position in the cryptocurrency industry. That’s why the company created a unit focused on blockchain, cryptocurrencies and digital currencies. Curv will join this team.
Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at PayPal, explained:
“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”
According to various media outlets, PayPal had been in talks to acquire Curv for quite some time.
Calcalist reported that PayPal was paying between $200 million and $300 million for the acquisition.