PayPal to acquire Curv to further its push into cryptocurrencies

[SAN JOSE] PayPal Holdings said it will acquire the cryptocurrency firm Curv as it seeks to beef up its talent pool for handling digital currencies.

PayPal, which didn't disclose financial terms of the deal, has been building out a new unit dedicated to furthering its efforts in cryptocurrencies after it began allowing consumers to buy, sell and hold certain digital currencies in its wallet in recent months. Curv, with about 40 employees, will join that team, the payments giant said Monday in a statement.

"The acquisition of Curv is part of our effort to invest in the talent and technology to realise our vision for a more inclusive financial system," Jose Fernandez da Ponte, PayPal's vice president and general manager, blockchain, crypto and digital currencies, said in the statement. "During our conversations with Curv's team, we've been impressed by their technical talent, entrepreneurial spirit and the thinking behind the technology they've built."

PayPal said it expects the acquisition to be completed by midyear.

Last year, Curv announced it had raised US$30 million in total funding from investors including CommerzVentures, Coinbase Ventures and Digital Currency Group.

BLOOMBERG