PayPal and Curv deal completed.
Payment giant PayPal continues its breakthroughs in the cryptocurrency industry, after the good news of Bitcoin (BTC) last year . In a statement made by PayPal, the purchase of Israeli-based cryptocurrency firm Curv was officially confirmed.
/PayPal and Curv Deal Formalized/
Although it is not announced how much Curv was purchased for a total fee, it is said that it was concluded with a deal of more than one hundred million dollars. PayPal , which has been trying to create its own cryptocurrency team for a while , actually bought its own cryptocurrency team directly.
Although the purchase has not been completed yet, the purchase agreement was signed and it became clear that PayPal will purchase the cryptocurrency wallet platform Curv before the first half of 2021 ends. According to the information provided by different sources, the talks were completed at the beginning of last week and PayPal made this statement.
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Investment in the Crypto Money Sector Is Increasing
Jose Fernandaez da Ponte, who determined the crypto money strategy of the payment giant, praised the capabilities of the startup team in his statement on the subject. Ponte stated that this was actually an investment in team talent and that the team members were stunned by their technical skills. Stating that they realized that the technology they have developed in recent years is very important, Ponte expressed that they are happy to add the Curv team to the PayPal ecosystem.
Founded in 2018, Curv offers cloud-based security service and directly addresses institutional investors. The provision of cloud-based services actually prevents the loss of the private key, which is Curv's nightmare for institutional investors. According to the Curv team, the risk of losing or seizing the private key for institutional investors is avoided in this way.
/No BitGo Deal/
There was also a rumor that PayPal would recently acquire another cryptocurrency trust company. The deals with the leading cryptocurrency wallet BitGo, on the other hand, failed, and an alternative to BitGo was sought.
PayPal's reaching the volume of millions of Bitcoin and cryptocurrencies almost made it necessary to have its own cryptocurrency wallet and storage application. The purchase of Curv in a short time after BitGo proves this.