PayPal to buy Israeli digital asset security provider Curv

Business

PayPal Holdings Inc said on Monday it would buy Israel-based digital asset security provider Curv, as the payments processor looks to strengthen support to cryptocurrencies.

The terms of the deal, which is expected to complete in the first half of 2021, were not disclosed. Curv would be part of PayPal’s recently created cryptocurrencies-focused unit.

PayPal said in October last year, it would allow customers to buy, sell and hold cryptocurrencies in its online wallets.

The move to acquire Curv comes as digital currencies have soared this year, with growing involvement of institutional investors including Tesla Inc, Bank of NY Mellon and Square Inc.