PayPal (NASDAQ: PYPL) announced on Monday that it has agreed to acquire Curv, a provider of digital asset security technology.
Curv was founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin and is a provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel.
Last week, Bloomberg reported that PayPal was in talks to acquire the startup as it looks to expand its cryptocurrency offerings.
PayPal recently created a business unit focused on blockchain, crypto and digital currencies. Curv will join the newly formed group.
“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,” said Jose Fernandez da Ponte, vice president and general manager, blockchain, crypto and digital currencies, PayPal.
“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,” added da Ponte.
PayPal expects to complete the acquisition in the first half of 2021.
Following the news, PayPal’s shares are down over 1% at $236.
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