PayPal is buying cryptocurrency startup Curv to harden security

Shawn Knight

Posts: 13,286   +132
Staff member
In brief: PayPal late last year started allowing users in the US to buy, sell and hold select cryptocurrencies for the first time. Now, the financial services company is doing more to bolster the security of digital assets on its platform through an acquisition of crypto security startup Curv.

Shoring up rumors last week on the subject, PayPal on Monday formally announced that it has agreed to acquire Curv, a Tel Aviv-based security infrastructure firm that specializes in digital assets. Curv will join a newly formed PayPal business unit that was created to focus on blockchain, crypto and digital currencies.

Financial terms of the deal were not disclosed although when rumors first broke of the acquisition last week, sources told CoinDesk that the purchase price could be anywhere between $200 million and $300 million although one person put the figure as high as $500 million.

Curv is more geared for large institutions and enterprise clients, rather than a wallet for end-users. Jose Fernandez da Ponte, VP and GM of PayPal’s blockchain, crypto and digital currencies business, said the acquisition is part of their effort to “invest in the talent and technology to realize our vision for a more inclusive financial system.”

The integration could also ease concerns that some players have about PayPal serving as a middleman when dealing in crypto.

PayPal is still planning to let users use crypto to fund purchases at its 26 million merchant partners sometime later this year. As it stands today, there’s not a whole lot you can do with crypto on PayPal outside of using it as a store of value.

PayPal said it expects the deal to close sometime in the first half of 2021.

Masthead courtesy Maxx-Studio

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QuantumPhysics

Posts: 5,033   +5,643
It's amazing to me how easy it was to convince people to buy Crypto by bombarding them with ads and positive talk on the lamestream media... yet in decades they couldn't get them to "store their wealth" by buying Gold.

And the real shame is that this bubble is going to eventually pop once IRS and SEC get enough suckers in and then drop the curtains on em.

Elon Musk gambled $1.5 Billion on Bitcoin and now Tesla has lost about $280 per share.

But, the real sad thing I see is that Crypto's current prices aren't moving till the Welfare Stimulus checks come out so people can gamble them away. If I'd been in government, I'd have given out Welfare cards to make buying anything other than food - and possibly rent - impossible. No "guns" for Kyle Rittenhouse. No crypto for anyone. No stock market gambling (I'd have basically retarded Robinhood's growth).

Thing is, the government is trying to "outsource inflation" by letting people sink the money into the stock market and crypto. They have the lamestream media preaching the "end of the dollar" and they are making high profile moves to appear pro-crypto, when the SEC and IRS absolutely are not.

Let’s them all get inside first right?

It's Devlish when you think about it.
 
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NightAntilli

Posts: 671   +845
PayPal is being smart by being one of the first companies to adopt this new and emerging technology.

This is the video that shuts down all crypto haters;
 

terzaerian

Posts: 960   +1,399
Well, that's nice for Paypal I suppose. Until you can move crypto on and off their platform, though, it's just speculation. They and Robinhood need to get moving or services like Coinbase are going to eat their lunch.
 

tellmewhy

Posts: 99   +49
Cryptocurrencies they have to improve and the offline transactions if they want to succeed.

Now if you want to give a bitcoin offline you have to create a wallet put the bitcoin it and give the wallet keys offline, but at that time you both (sender and receiver) have the bitcoin because you both know the information of the keys and the first who will have access to the internet can get it.

So there is a need for a new offline method which will distinguish the receiver with a key and locks that coin for an amount of hours (ex 60 hours) for all the others expect the receiver. So the receiver will have an amount of time at the end of the day to connect to the internet and take that coin to its personal wallet.

But how to make an offline method which locks an online system?
Well the online system (block chain) have to encrypt the coins which are suppose to trade offline with the Vernam cipher method (one time pad) and give only the half to the sender and keep the other half locked for an amount of time (ex 60 hours) to the receivers id. The sender will give offline his half and the receiver can obtain the other half with his id when he goes online after few hours. That process have to be warped with a layer of security, automated and simplified.

You can’t expect internet access every time and everywhere.
 

Uncle Al

Posts: 8,046   +6,812
Buying into Crypto is a bit too much like playing the commodies markets .... if you really don't know EXACTLY what you're doing you are going to loose your shirt. Funny how that matter was proven out by Mr. Musk ..... couldn't happen to a nicer guy ..... LOL