Following substantial hype, Paypal announced today its purchase of Curv. Curv is a Tel Aviv-based cryptocurrency startup specializing in digital asset securities.
Following substantial hype, Paypal announced today its purchase of Curv. Curv is a Tel Aviv-based cryptocurrency startup specializing in digital asset securities.
Founded in 2018 by CEO Italy Malinger and CTO Dan Yadlin, Curv focuses on digital asset security services. It aims to ensure the proper and safe storage of crypto assets. The company runs a cloud-based service that lets you access your digital wallets without the need for hardware.
Did Someone Say Bond?
Curv is a pioneer in using multi-party computation or MPC to safeguard the holdings. Traditional storage techniques usually rely on disbursing secret keys. In contrast, MPC relies on mathematics and cloud computing to prevent unauthorized access.
When you create a wallet, cryptographic secrets are generated on your device and Curv’s secure servers. Whenever you’re trying to initiate a transaction, secrets are used to create a full public and private key.
Secrets are regularly rotated, and you can’t do anything at all with just one of them. This means that if your computer is compromised, a hacker would be unable to access your funds based on the information they pull from your device alone.
Paypal Paving the Way for Innovation
This isn’t PayPal’s first undertaking in digital currency. Late last fall, PayPal caused quite the cacophony in the crypto community (as well as in the financial sector) when it announced its partnership with Paxos. Their new deal with Curv is aimed at widening initiatives in support of cryptocurrencies and digital assets.
PayPal’s vision for financial inclusion appears to be based on building a new worldwide payment infrastructure, powered in part by blockchain, that will make it dramatically easier for people and businesses to move money around.
“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,” said Jose Fernandez da Ponte, vice president and general manager, blockchain, crypto, and digital currencies, PayPal.
“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 in the last few years. We’re excited to welcome the Curv team to PayPal,” added da Ponte.
Looking forward, Paypal also plans on letting you buy and sell items in crypto. During its most recent earnings release, the company also said it plans on launching crypto products for Venmo, the PayPal-owned payment app. Partnering with central banks is also on PayPal’s radar as they look to expand their blockchain business unit.
The acquisition of Curv is expected to be complete in the first half of 2021.
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