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PayPal confirms purchase of startup Curv

PayPal has confirmed the purchase of Israeli startup Curv. For the payments giant, this is the first acquisition of a digital asset and cryptocurrency firm.

The official press release from PayPal did not disclose the purchase price, however, it says that the transaction should be completed in the first half of 2021. The integration of the Curv custodian service will help PayPal in the development of the digital assets direction. Curv’s solution will be used to store cryptoassets within its own business, and third-party clients are not expected to access it. PayPal’s press release says:

“In October 2020, PayPal announced that it plans to help the cryptocurrency community shape the role of digital currencies in the future of financial services and commerce. To drive development and innovation in this area, the company has launched a unit specializing in blockchain, cryptocurrencies and digital assets. Curv will join the team in this division and provide its technical expertise. ”

According to rumors, the purchase price could range from $ 200 million to $ 300 million, although one source reported $ 500 million for Curv. Curv’s solution is based on multiparty computation. As noted by Curv CEO Itay Malinger, it was an Israeli startup that introduced the first solution using this technology. Malinger said he was delighted to see such solutions grow in popularity.

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