PayPal made its first acquisition in the field of digital currencies by acquiring and merging with security startup Curv.
to the Quoted TheBlockCrypto, the purchase was announced in a press release on Monday (March 7). PayPal said:
The purchase process is expected to be completed in the first half of 2021 (by the end of the spring of 1400).
However, the statement did not provide details of the deal.
PayPal payment services company wrote in its statement:
In October 2020, PayPal announced its commitment to help shape the role of digital currencies in the future of financial and business services. In order to grow and innovate in this area, the company has recently established a business unit centered on the Blockchain and digital currencies. Startup Crew, with its powerful team of experts, will join this newly established group to expand the technical expertise of PayPal.
News has long been circulating about PayPal’s desire to buy and merge with digital currency companies as part of a plan to increase the company’s in-house capabilities. Following the unveiling of new digital currency services in October, the company announced earlier this month (the second week of March) that it intends to invest significant resources in its fledgling digital currency unit.
Last week, there were reports of PayPal offering to buy Crow.
Crew Services is centered around Multi-party Computation, an emerging digital currency issue currently used for digital asset security. Itay Malinger, co-founder and CEO of Crow, also spoke in an interview about the company’s technological approach and security ethics:
We were the first company to introduce a product in the field of multilateral computing. I’m pleased to see others eager to enter this field, and I think these services will become the standard for software-based solutions.