In a bid to further its cryptocurrency exposure, PayPal announced it will be acquiring digital currency security firm Curv.
According to an announcement made Monday, PayPal has revealed it will be purchasing Curv, a company focused on providing digital asset security technology via cloud service. Although PayPal did not disclose the details of the acquisition, individuals familiar with the matter revealed to CNBC that the deal is worth under $200 million, and is expected to close sometime in the first half of 2020. PayPal shares were down nearly 1% amid the news.
Following PayPal’s earlier announcement that it would begin allowing users to purchase, sell, and hold certain cryptocurrencies come sometime this year, the online payment system company will now be adding Curv, which currently has approximately 40 employees, to its team.
“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,” noted PayPal vice president and general manager of blockchain, crypto and digital currencies Jose Fernandez da Ponte. “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,” he continued.
Information for this briefing was found via PayPal and CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.