Just last week, we informed you of rumors from anonymous sources that PayPal is offering up to $ 500M to acquire crypto startup firm Curv. Tensions were already rising at that time, because, as you know, PayPal launched the largest global adaptation of cryptocurrencies to date when it decided to accept cryptocurrencies in the fall.
But we didn’t have to wait long to confirm or refute these rumors, as PayPal officially announced today that the acquisition of Curv will be completed in the first half of this year.
PayPal also announces that the move is aimed at accelerating and expanding initiatives to support cryptocurrencies and digital assets, and Curv and its team of technologists will join the newly formed Blockchain 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,
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.Jose Fernandez da Ponte, vice president and general manager, blockchain, crypto and digital currencies, PayPal
The enthusiasm was not hidden by the CEO of Curv himself, Itay Malinger, who claims there’s no better home than PayPal to continue our journey of innovation.
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.CEO of Curv, Itay Malinger
As for the financial terms of this acquisition agreement, PayPal did not disclose them, and it is likely that the public will be left only with rumors that estimated the offer to be up to $ 500M.
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