Payment giant PayPal has announced plans to purchase digital asset security firm Curv, the company’s first acquisition in the crypto industry. In a press release published on the 8th of March, PayPal said it expects to complete the deal in the first half of the year.
In the official announcement, PayPal said:
“… To drive sustained growth and innovation in this area, the company recently created a business unit focused on blockchain, crypto and digital currencies. Curv will join the newly formed group, with its strong team of technologists adding technical expertise to PayPal.”
The vice president and general manager of blockchain, crypto, and digital currencies at PayPal, Fernandez da Ponte, commented on the new acquisition. He said PayPal acquiring Curv is part of the payment company’s effort to “invest in the talent and technology to realize our vision for a more inclusive financial system.” The vice president further said that PayPal was impressed with Curv’s technical talent and entrepreneurial spirit team.
Before the acquisition, PayPal has been exploring the crypto industry for potential acquisition. At the time, Bloomberg said in a report last year October that PayPal was considering Bitcoin custodian BitGo Inc. Citing familiar sources, Bloomberg added that PayPal was in discussions with BitGo and the transactions could be finalized within weeks.
About a week before PayPal officially announced that it was buying Curv, Bloomberg had revealed the company’s acquisition plan.
Image Credits: Pixabay
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