PayPal has been working hard these past five months to really build its place in the cryptocurrency arena. It announced that traders would be able to garner digital assets through its site, and they would also be allowed to buy items and services with crypto. Now, it looks like PayPal is working even harder to really build itself up as a digital asset company given that it’s planning to acquire Curv, a startup based in Tel Aviv, Israel.
PayPal Is Buying Israel Startup Curv
Curv is a company that provides custody services to individuals holding cryptocurrency. It offers a cloud-based service through which people can store their digital assets without the assistance or requirement of hardware wallets, thereby limiting the access hackers and other malicious actors will have to one’s assets.
Jose Fernandez da Ponte is the VP and general manager of blockchain, crypto and digital currencies at PayPal. In a recent interview, he claims:
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. We’re excited to welcome the Curv team to PayPal.
One of the other benefits of the company is that it sets up unique withdrawal policies so that nobody can access specific monies without permission or say-so. This is another move on Curv’s part to limit fraud and thievery. Right now, the company primarily offers its services to businesses such as brokers, crypto exchanges and OTC (over the counter) desks.
The End of Days for Physical Money
Dan Schulman – the CEO of PayPal – explained that he believes the shift from fiat currencies to digital assets is going to fully happen sooner or later, and that the days of cold, hard cash are coming to a sudden end. He states that he’s looking forward to seeing PayPal right in the middle of such a heavy and important transition and comments:
The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly. Our global reach, digital payments expertise, two-sided network and rigorous security and compliance controls provide us with the opportunity and the responsibility to help facilitate the understanding, redemption and interoperability of these new instruments of exchange.
The Curv team is set to become part of the PayPal division that handles blockchain and cryptocurrencies. At the time of writing, it is believed that the acquisition cost the financial giant as much as $200 or $300 million to complete.