We now know that Payal is the company which is buying out the Israeli startup Curv. Curv offers a cloud based platform for securely managing cryptocurrencies. While neither company confirmed the purchase price, last week it was widely reported that Curb was being sold for as much as $200 million.
With all the Israeli startups hitting unicorn status or holding multi-billion IPOs, $200 million may seem like chump change to some. The company deals with cryptocurrencies which are considered a tossup these days as an investment. People either think that they are the way of the future or that they are the latest Dutch Tulip type craze. There seems to be no in between.
There are also plenty of blockchain service companies promising to secure your money already out there. And yet it still seems like we hear about once a week a report about once such company getting hacked and costing people a fortune. The anonymity of cryptocurrencies makes it hard to secure or insure. In contrast, if a bank gets robbed, your accounts are usually insured either by the bank or a government agency.
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Curv was founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin. The company boasts that it provides the industry’s first cloud-based Institutional Digital Asset Wallet Service. Powered by “groundbreaking cryptography,”
“As a pioneer in security infrastructure for digital assets, Curv is proud to be recognized as an innovator and trusted partner to leading financial institutions around the world,” said Malinger. “Now, as the adoption of digital assets accelerates, we feel there’s no better home than PayPal to continue our journey of innovation. We’re excited to join PayPal in expanding the role these assets play in the global economy.”
PayPal expects to complete the acquisition in the first half of 2021.
“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,” PayPal’s Jose Fernandez da Ponte said in a statement.