PayPal has announced the acquisition of Curv, a cryptocurrency custodian. According to an official press release, with Curv, PayPal wants to accelerate and expand its initiatives to support cryptocurrencies.
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The Curv team will reportedly join PayPal's recently-created business unit focused on cryptocurrencies and blockchain. While the financial terms of the deal remain undisclosed, PayPal plans to complete the acquisition in the first half of 2021.
"Now, as the adoption of digital assets accelerates, we feel there's no better home than PayPal to continue our journey of innovation," said Curv CEO Itay Malinger.
Curv is known as the pioneer to integrate MetaMask's institutional-grade infrastructure for connecting to decentralized finance (DeFi) market. Last week, the custodian entered into a partnership with the IOTA Foundation to expand the IOTA Token Ecosystem. With IOTA's planned Chrysalis network upgrade, Curv plans to become the first multi-party computation (MPC) custody service, which incorporated IOTA.
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