PayPal Acquisition of Curv Cryptocurrency Security Company

PayPal (NASDAQ: PYPL) acquiring new assets. The company announced Monday that it has agreed to buy Curv, an Israeli-based digital asset security expert. He did not reveal either the price or the terms of the contract, but said he expects the deal to close before the end of June.

Curv will focus on security solutions (delivered through cloud computing) for the blockchain, the digital technology that is at the heart of cryptocurrencies. It was founded in 2018 by two veterans of both private and public sector cybersecurity organizations in Israel. Due to its geopolitical location, security is a priority in the country, with cybersecurity being a modern part of this concern. As a result, Israeli cybersecurity experts are considered among the best in the world.

Bitcoins in front of a financial graph display on a monitor.

Image source: Getty Images.

Last October, PayPal plunged deep into the cryptocurrency market when it announced that it would allow users of both their PayPal and Venmo payment services to trade in “cryptos” such as Bitcoin. While we can’t find out if Curv’s purchase is a bargain since the price has not been revealed, it is clear that PayPal’s efforts in the field of cryptocurrency should be a recommended asset.

Following its cryptocurrency release, PayPal established a division for its digital assets and blockchain funds. Curv will be folded into that unit.

PayPal said its general manager of blockchain, crypto and digital currencies Jose Fernandez da Ponte, said, “The construction of Curv is part of our drive to invest in the talent and technology to shape our vision for a more sustainable financial system. to achieve infection. “

Investors may not see it that way. On Monday, PayPal stock closed the day 5.4% lower, a much steeper decline than the 0.5% of the S&P 500 index.

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