Sources have previously reported that PayPal was in talks with crypto firm Curv – but the deal had not been confirmed at the time. The previous deal bandied about with BitGo also ultimately fell through.
Now, however, TechCrunch and others have reported that an agreement has been reached.
Great Technical Expertise
According to Jose Fernandez da Ponte – the VP and general manager, of blockchain, crypto and digital currencies at PayPal, a huge factor that contributed towards the decision to buy the firm was the great level of technical expertise shown by its representatives.
“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.”
Curv’s big selling point is that it is addressed more towards enterprises than to crypto end users – their software is offered mostly to exchanges and financial institutions and focuses on running cryptography server-side.
In turn, Itay Malinger – the CEO of Curv since its’ foundation in 2018 – stated that they see no better place to continue their research and development than with PayPal.
“As a pioneer in security infrastructure for digital assets, Curv is proud to be recognized as an innovator and trusted partner to leading financial institutions around the world. 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.
The acquisition is due to take place somewhere in the first half of 2021, once all administrative details have been worked out.
In addition, despite anonymous sources giving out figures on the price of the transaction between just under $200 million and $500 million, neither firm has let any details regarding the exact transaction price slip.
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