You could soon get PayPal payments in cryptocurrency

Bitcoin mining
(Image credit: Pixabay)

In a bid to strengthen its move into the cryptocurrency world, payments provider PayPal has announced the acquisition of crypto security firm Curv.

The Tel-Aviv based start-up's business proposition is safeguarding its customers' digital assets through an innovative method of cryptography.

According to a report on Decrypt, the deal was allegedly worth $200 million, and while PayPal may not be interested in being a custodian for other businesses' and people's cryptocurrency assets, it is interested in using Curv to add an extra security layer for its own digital assets.

Late last year, the company enabled its US customers to buy, store and sell Bitcoin and a handful of other cryptocurrencies. The caveat is that customers aren't allowed to take the crypto out of PayPal's system, for example into a cold storage wallet. Still, PayPal has seen the interest for its crypto services surging and has promised to bring the service globally in the first half of the year.

Less fees for merchants

"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,” said Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal.

The announcement of the new service signaled the direction in which PayPal was heading, and that was to enable its customers, many of which are merchants and small to medium-sized businesses, easier access to the world of cryptocurrencies. One of the biggest advantages of cryptocurrencies over traditional, fiat currencies, are substantially lower fees that, when multiple middlemen such as banks or payments processing service providers get involved, may go relatively high.

The acquisition is expected to be completed in the first half of 2021.

Decrypt also added that PayPal has been negotiating a deal for almost a year, and that the company’s founder, Itay Malinger, will remain at PayPal. There was no word on specific roles or titles.

Sead is a seasoned freelance journalist based in Sarajevo, Bosnia and Herzegovina. He writes about IT (cloud, IoT, 5G, VPN) and cybersecurity (ransomware, data breaches, laws and regulations). In his career, spanning more than a decade, he’s written for numerous media outlets, including Al Jazeera Balkans. He’s also held several modules on content writing for Represent Communications.

Read more
Ethereum
Hackers steal over $1bn in one of the biggest crypto thefts ever
PayPal
PayPal fined by New York for cybersecurity failures
PayPal
This PayPal scam exploits new address feature to send out phishing scam emails
Cryptocurrencies
Around $40 billion worth of illicit crypto transactions took place in 2024
Google Cloud logo
Google to acquire cloud security platform Wiz in $32 billion deal
North Korean flag with a hooded hacker
FBI says North Korean Lazarus hackers were behind $1.5 billion Bybit crypto hack
Latest in Software & Services
TinEye website
I like this reverse image search service the most
A person in a wheelchair working at a computer.
Here’s a free way to find long lost relatives and friends
A white woman with long brown hair in a ponytail looks down at her computer in a distressed manner. She is holding her forehead with one hand and a credit card with the other
This people search finder covers all the bases, but it's not perfect
That's Them home page
Is That's Them worth it? My honest review
woman listening to computer
AWS vs Azure: choosing the right platform to maximize your company's investment
A person at a desktop computer working on spreadsheet tables.
Trello vs Jira: which project management solution is best for you?
Latest in News
Quordle on a smartphone held in a hand
Quordle hints and answers for Sunday, March 23 (game #1154)
NYT Strands homescreen on a mobile phone screen, on a light blue background
NYT Strands hints and answers for Sunday, March 23 (game #385)
NYT Connections homescreen on a phone, on a purple background
NYT Connections hints and answers for Sunday, March 23 (game #651)
Google Pixel 9 Pro Fold main display opened
Apple is rumored to be prioritizing battery life on the foldable iPhone – which could also feature a liquid metal hinge for added durability
Google Pixel 9
The Google Pixel 10 just showed up in Android code – and may come with a useful speed boost
L-mount alliance
Sirui joins L-Mount Alliance to deliver its superb budget lenses for Leica, DJI, Sigma and Panasonic cameras