PayPal Expands Its Digital Assets Bid with New Acquisition

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By Michela Menting | 1Q 2021 | IN-6104

 

PayPal Buys Curv

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PayPal announced last week (March 8, 2021) its intent to acquire Israeli startup Curv for an estimated sum between US$200 and US$300 million. The acquisition should complete mid-2021. Curv has developed a solution for secure digital asset custody (including cryptocurrencies) using secure Multi-Party Computation (MPC). MPC is a subfield of cryptography that distributes the computing of an encryption key (or other secrets) across various parties, so that no one party has access to the whole key. The startup’s main target clients are crypto exchanges, but Curv also targets investors who want to diversify their assets, such as investment funds. A number of existing crypto exchanges (such as Liquid) already make use of MPC, which is an increasingly hot technology.

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