PayPal bought startup Curv to securely store cryptocurrency
The payment service allowed users in the US to buy and store cryptocurrency in the fall of 2020, and now it plans to scale the service.
The team of Israeli startup Curv will join the company. PayPal did not disclose the financial terms of the deal and plans to close it in the first half of 2021. According to the Israeli newspaper Calcalist, PayPal paid between $ 200 million and $ 300 million for Curv.
PayPal bought startup Curv to securely store cryptocurrency
Curv is dedicated to providing secure storage of cryptocurrencies. The company allows you to set up complex policies so that assets cannot be withdrawn without an approval chain. You can also create permission lists to facilitate the execution of regular transactions, writes TechCrunch.
Curv uses multiparty computation to handle private keys. The company's servers generate cryptographic secrets - the data needed to decrypt a message - that change regularly. If someone steals a laptop, they won't be able to access the assets just using the information stored on the device.
In October 2020, PayPal thought about buying cryptocurrency companies, Bloomberg wrote. According to the publication, the netting system was negotiating with the BitGo service for secure storage of bitcoins.
Since October, PayPal customers from the United States can buy, sell and store cryptocurrencies - for this, the payment service has partnered with Paxos Trust Company. Residents of a number of other countries will have this opportunity in the first half of 2021.
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