Paypal acquires Israeli cryptocurrency startup Curv

PayPal Holdings has announced the acquisition of Israeli cryptocurrency startup Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets. The latter provides a cloud-based infrastructure for digital asset security based in Tel Aviv, Israel. “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, VP-GM, blockchain, crypto and digital currencies, PayPal. “During our conversations with Curv's team, their technical talent, entrepreneurial spirit, and the thinking behind the technology they've built in the last few years impressed us.”

The company last acquired eCommerce Coupon aggregator Honey for $4Bn.

About the deal

Although the company has not disclosed the terms of the deal, Calcalist, who first to report the acquisition, said that the deal price was between $200 and $300 million. On the other hand, TechCrunch stated that the price was less than $200 million. In either case, Curv will join PayPal's new business unit that focuses on blockchain, crypto and digital currencies, with its strong team of technologists adding technical expertise to PayPal. The companies plan to complete the acquisition in the first half of 2021.

Paypal already supports the buying and selling of cryptocurrencies. It also plans to launch new crypto-related products in other countries and Venmo. In October 2020, it also announced its commitment to help shape the role that digital currencies will play in the future of financial services and commerce.

Announcing the acquisition, Itay Malinger, CEO, Curv said, “Now, as the adoption of digital assets accelerates, we feel there's no better home than PayPal to continue our journey of innovation. We're excited to join PayPal in expanding the role these assets play in the global economy.”

CEO Itay Malinger and CTO Dan Yadlin founded Curv in 2018.