PayPal to acquire Curv to strengthen its cryptocurrency unit

With the purchase of cryptocurrency company Curv, PayPal seeks to strengthen its unit after it began allowing its users to buy, sell and hold certain cryptocurrencies. 

PayPal app on iPhone 5
 (PHOTO: Erikona / Getty Images)
PayPal reported that it will acquire cryptocurrency company Curv, as it seeks to bolster its talent pool to handle digital currencies.
PayPal, which did not disclose the financial terms of the deal, has been developing a new unit dedicated to boosting its cryptocurrency efforts after it began allowing consumers to buy, sell, and hold certain digital currencies in their wallet in recent months. Curv, with about 40 employees, will join that team, the payments giant said in a statement Monday.

“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision of a more inclusive financial system,” said José Fernández da Ponte, vice president and general manager of blockchain, crypto and digital currencies. PayPal, in the statement.

“During our conversations with the Curv team, we have been impressed by their technical talent, entrepreneurial spirit and the thinking behind the technology they have built.”

PayPal said it expects the acquisition to be completed by mid-year. Last year, Curv announced that it had raised $ 30 million in total funding from investors such as CommerzVentures, Coinbase Ventures, and Digital Currency Group.