PayPal Holdings Inc. (Nasdaq: PYPL) has announced that it has agreed to acquire Israeli digital assets security company Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets. Based in Tel Aviv, Curv provides a cloud-based infrastructure for digital asset security.
Curv will join PayPal's newly formed blockchain, crypto and digital currencies business unit, with its team of technologists adding technical expertise to PayPal. No financial details about the deal were disclosed but a source close to the deal told "Globes" that PayPal is paying slightly less than $200 million for the Israeli company.
Curv was founded in 2018 within the Team8 foundry by CEO Itay Malinger and CTO Dan Yadlin. Team8 founder Nadav Zafrir serves as Curv's chairman. The company has raised $29.5 million to date and it raised $23 million in its most recent financing round last summer with investment from CommerzVentures, Coinbase Ventures, Digital Currency Group, Team8 and Digital Garage Lab Fund.
Malinger said, "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."
PayPal Israel general manager Perez Regev said, "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."
PayPal VP and general manager blockchain, crypto and digital currencies Jose Fernandez da Ponte said, "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."
Published by Globes, Israel business news - en.globes.co.il - on March 8, 2021
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