PayPal announced its first acquisition in cryptocurrency and digital assets: security-focused startup Curv.
The purchase was announced in a press release today. PayPal said it “expects the purchase to be completed in the first half of 2021,” but did not reveal the details of the deal. The following expressions were used in the statement:
“In October 2020, PayPal announced its commitment to help shape the role digital currencies will play in the future of financial services and commerce. To ensure sustainable growth and innovation in this field, the company recently created a blockchain, crypto-focused business unit. Curv will join the newly formed group with its team of strong technology experts who add technical expertise to PayPal. ”
It is said to be researching the crypto space for potential acquisitions as part of PayPal’s offer to boost its in-house capabilities. PayPal said earlier this month that it has invested substantial resources in developing cryptocurrencies after it officially announced its services in October.
Last week, news surfaced about PayPal’s offer to buy Curv.