PayPal to buy Curv to strengthen cryptocurrency offerings

PayPal to buy Curv to strengthen cryptocurrency offerings

PayPal- an American firm operating an online payment system has reportedly announced that it has plans to acquire Curv- an Israel-based cryptocurrency company.

Notably, Curv is a crypto-based security startup that helps in storing cryptocurrency assets securely. The firm operates a cloud-based service that allows customers to access their crypto wallets without the need for a hardware device.

In addition to the above, the company also helps establish sophisticated policies so that new interns do not withdraw crypto assets without any approval chain. Additionally, customers can also create lists so that regular transactions can be made easily.

For the record, Curv utilizes multi-party computation to manage private keys. When the customer creates a wallet, cryptographic secrets are generated on their device as well as on the servers of Curv. When a transaction is initiated, several secrets are used to develop a full public and private key.

Seemingly, secrets are regularly rotated and one cannot proceed with a single secret. If a person steals an unsecured laptop, a hacker cannot gain access to the crypto funds solely through the information stored on this device.

Citing reports, Curv is simply not just a crypto wallet for end-users. The startup also provides its services to brokers, over-the-counter desks, and exchanges. Financial institutions seeking solutions to store their digital assets along with diversifying their balance sheet can work with Curv.

According to a statement by PayPal, Curv will join the cryptocurrency team within PayPal. The online payment giant has been rolling out various crypto products. Besides, the company has also joined hands with Paxos so that the users in the U.S. can purchase, sell and hold cryptocurrencies from their PayPal account.  

In a bid to expand its crypto presence, PayPal is working towards introducing cryptocurrency products in other nations and across Venmo- a fintech app owned by the company.

Source Credit: https://techcrunch.com/2021/03/08/paypal-to-acquire-cryptocurrency-custody-startup-curv/