PayPal has announced plans to acquire a Tel Aviv-based cryptocurrency start-up called Curv in Israel. The move was first announced by the Israeli newspaper Calcalist.
PayPal has announced plans to acquire a Tel Aviv-based cryptocurrency start-up called Curv in Israel. The move was first announced by the Israeli newspaper Calcalist. And PayPal has now issued an official announcement.
Curv is a cryptocurrency security company that helps you securely store your crypto assets. The company runs a cloud-based service that allows you to access your crypto wallet without a hardware device.
Curv allows you to set sophisticated policies so that the new trainer cannot recover crypto assets without some sort of approval chain. Similarly, you can create permission lists so that regular transactions can go much easier.
Behind the scenes, Curv uses multi-party calculations to manipulate private keys. When you create a wallet, encryption secrets are created on your device and Curv’s servers. Whenever you try to start a transaction, many secrets are used to create a complete public and private key.
Secrets are constantly circulating, and you can do nothing with just one secret. If someone steals an insecure laptop, the hacker will not be able to access the crypto funds with the information stored only on this device.
As you can see, the Curv is not a cryptocurrency wallet for end users. The company offers its services to exchanges, brokers and overseas desks. If you run a fund and plan to buy large amounts of cryptocurrencies, you may also want to consider using Curv.
Finally, financial institutions looking for a solution to store digital assets and diversify their balance may also work with Curv.
PayPal says Curv Group will join the cryptocurrency group within PayPal. The payment company is gradually developing cryptocurrency products. It has partnered with Paxos so that users in the United States can buy, hold and sell cryptocurrencies from their PayPal account.
In the future, PayPal plans to buy and sell products using cryptocurrencies. During its most recent revenue release, the company said it plans to launch cryptocurrency products in other countries, including PayPal-owned consumer Fintech super application Venmo.
The terms of the agreement are unpublished and the transaction should close at some point in the first half of 2021. Calcalist said PayPal would pay between $200 million and $300 million for the acquisition.
Someone close to the company says the transaction was less than $200 million. I think we will find out what happened in the next revenue release.