According to the official announcement, the acquisition is set to accelerate and expand PayPal’s initiative to enter into the cryptocurrency market. The Tel Aviv-based company is a leading provider of cloud-based infrastructure for digital asset security.
Jose Fernandez da Ponte, PayPal’s vice present and general manager for blockchain, crypto, and digital currencies, said the company was “impressed” by Curv’s technical talent and the technology they’ve built.
While the company hasn’t disclosed the details of the acquisition, a source familiar with the matter told CNBC the deal is worth less than $200 million. PayPal has also created a new business unit focused solely on blockchain, crypto, and digital currencies that will help the company drive growth and innovation. Curv and its 40 employees will join the newly formed group, the company said in the release.
Last year, Curv raised $30 million in funding from leading industry investors such as Coinbase Ventures, CommerzVentures, and Digital Currency Group.