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| PayPal has acquired Curv a company that provides digital asset security |
PayPal announced that it will acquire Curv, a cryptocurrency security startup, as part of its advance in digital currency development.
The deal is valued at less than $ 200 million and is expected to close in the first half of 2021.
Founded in 2018, Curv provides businesses with digital asset security technology and helps them store crypto assets securely.
The company runs a cloud-based service that allows you to access your encrypted wallet without devices.
Curv also allows you to set up complex strategies to prevent new students from withdrawing crypto assets without a chain of approval, and you can create an authorization list to facilitate regular transactions.
Curv uses a multi-party account to manage private keys. When you create a wallet, an encryption key is generated between your device and the Curv server. When you try to initiate a transaction, multiple keys are used to generate a full public key. And private key.
Encryption keys are changed regularly, you cannot do anything with just one key, and if someone steals an unprotected laptop, hackers will not be able to access the cryptocurrency using only the information stored on the device.
Hence, Curv is not a user's cryptocurrency wallet as the company provides services for exchanges, platforms, brokers and offices.
PayPal said the deal will help accelerate and expand support for cryptocurrencies and digital assets.
The deal closed just months after the company confirmed its commitment to this growing industry. He said in October that the switch to digital currencies was inevitable.
PayPal recently created a new business unit focused on blockchain, cryptocurrencies, and cryptocurrencies. PayPal said: Curv joins this newly formed group.
“The acquisition of Curv is part of our effort to invest in talent and technology to achieve our vision for a more inclusive financial system,” said José Fernandez da Ponte, PayPal Vice President and General Manager of the Blockchain, Cryptocurrency and Cryptocurrency Business Unit.
The decision to acquire Curv comes as the cryptocurrency grows this year, while the participation of institutional investors (including Tesla, Bank of New York Mellon and Square) has increased.