US-based online payments system, PayPal Holdings, has announced plans to acquire the cryptocurrency firm Curv, seeking to improve its talent pool for handling digital currencies.
Although the company did not reveal the deal’s financial terms, it says it expects the acquisition to be completed by mid this year.
Curv’s acquisition is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system. During our conversations with the team at Curv, their technical talent, entrepreneurial spirit, and the thinking behind the technology they’ve built has impressed us.Jose Fernandez da Ponte, PayPal’s VP & General Manager for Blockchain, Crypto and Digital Currencies
Last year, Curv announced it had raised $30 million in total funding from investors, including Commerz Ventures, Coinbase Ventures and Digital Currency Group.
In October last year, PayPal opened its platform to cryptocurrency transactions, allowing its customers to buy, sell and hold bitcoin and virtual coins using its online wallets.