PayPal announced on 8 March 2021 that it is planning to acquire Curv, a Tel Aviv, Israel-based cryptocurrency startup.
Terms of the deal: Neither Paypal nor Curv disclosed the terms of the deal. However, the transaction should close during the first half of 2021. PayPal will be paying between US$ 200 million and US$ 300 million for the acquisition.
The Curv team will join PayPal’s cryptocurrency group. In the near future, PayPal is planning to allow people to buy and sell items using cryptocurrencies. It also plans to launch cryptocurrency products in various countries, not just the U.S.
About Curv
Founded in 2018 by Dan Yadlin and Itay Malinger, Curv is a cryptocurrency security company. It is helping crypto-native and financial institutions to create digital wallets where they can store their crypto assets securely. Curv’s cloud-based service lets you access your crypto wallets without any hardware device. It helps to set up sophisticated policies so that nobody else can withdraw crypto assets without some sort of approval chain.
Curv leverages multi-party computation (MPC) to handle private keys. After a wallet has been created by a user, cryptographic secrets are generated on your device and on Curv’s servers. While initiating a transaction, multiple secrets are used to generate a full public and private key. The security provided by the platform ensures that even if somebody steals an unsecured laptop, a hacker cannot access the crypto funds with the information stored in it.
Curv offers its services to exchanges, brokers and over-the-counter desks. It is not for end-users. It is also ideal for financial institutions that are looking to store digital assets safely and securely and diversify their balance sheet.
The startup has raised around US$ 30 million to date. It had raised US$ 23 million in Series A funding last year. The investors included Commerzbank Ventures, Coinbase Ventures, Digital Currency Group, Team8 and Digital Garage Lab Fund.
About the Founders
1. Dan Yadlin
Dan Yadlin holds a B.Sc. in math, physics and computer science, and a master’s in computer science from the Hebrew University. He is an expert in operating systems, networking and software infrastructure. Dan has over ten years of experience in engineering and leadership positions in the Israeli government.
2. Italy Malinger
Itay Malinger holds a B.Sc. in math, physics and computer science from Hebrew University, and a master’s in computer science from Tel-Aviv University. He has more than 15 years of experience in cybersecurity. He is the former director of enterprise security products at Akamai Technologies, where he was responsible for the company’s security portfolio strategy, overseeing product execution plans and identifying and managing M&As and partnership agreements.
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