US online payments giant PayPal has agreed to acquire Israeli digital assets security company Curv, to accelerate and expand its initiatives to support cryptocurrencies and digital assets, the company announced on Monday.
Financial details for the deal were not disclosed.
Founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin, Curv offers a secure platform for holding and trading crypto-assets through a mathematically proven cryptographic solution. The company introduces a secure online “vault as a service” to replace hot and cold wallets.
In October, PayPal announced its commitment to help shape the role that digital currencies will play in the future of financial services and commerce. The company recently created a business unit focused on blockchain, crypto, and digital currencies. Curv will join this new group, adding technical expertise to PayPal.
“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.”
“PayPal has consistently invested in its presence in Tel Aviv as a center of excellence for data sciences and security expertise. This is exciting news for the Israeli market as it demonstrates the strength of talent in Israel which PayPal has always considered as a hotbed for talent,” said Perez Regev, general manager of PayPal Israel said today:
“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,” said Itay Malinger. “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.”