Announced a company PayPal is acquiring cryptocurrency security startup Curv as part of its push for digital currencies.
The deal is valued at less than $ 200 million and is expected to close in the first half of 2021.
Founded in 2018, Curv provides companies with digital asset security technology and helps store encrypted assets securely.
The company operates a cloud-based service that allows you to access your crypto wallets without any hardware.
And Curv also allows you to set up sophisticated policies so that a new trainee cannot pull crypto assets without some kind of approval chain, and likewise, you can create allow lists so that regular transactions can be made more easily.
Curv uses the multilateral account to handle the private keys, and when creating a wallet, the encryption keys are generated across your device and across Curv’s servers, and when you try to initiate a transaction, the multiple keys are used to create a complete public and private key.
The encryption keys are changed regularly and you cannot do anything with just one key, and if someone steals an unprotected laptop, the hacker will not be able to access the crypto money using the information stored with that device alone.
Accordingly, Curv is not a cryptocurrency wallet for users, as the company offers its services to exchanges, platforms, brokers and offices.
PayPal said the deal helps accelerate and expand its support for cryptocurrencies and digital assets.
The deal comes just a few months after the company confirmed its commitment to the fast-growing sector, saying in October: The switch to digital currencies is inevitable.
PayPal also recently created a new business unit focused on blockchain, cryptocurrencies and cryptocurrencies, and PayPal said: Curv is joining this newly formed group.
“The acquisition of Curv is part of our effort to invest in talent and technology to achieve our vision for a more inclusive financial system,” said (José Fernandez da Ponte), Vice President of PayPal and General Manager, Blockchain, Cryptocurrency and Cryptocurrency Unit.
The move to acquire Curv comes as cryptocurrencies have surged this year, with increased participation by institutional investors, including Tesla, Bank of NY Mellon and Square.