PayPal to acquire Curv to further its push into cryptocurrencies

PayPal said it expects the acquisition to be completed by midyear.

PayPal CEO had recently said digital currencies are set to go mainstream (REUTERS)

PayPal Holdings Inc. said it will acquire the cryptocurrency firm Curv as it seeks to beef up its talent pool for handling digital currencies.

PayPal, which didn't disclose financial terms of the deal, has been building out a new unit dedicated to furthering its efforts in cryptocurrencies after it began allowing consumers to buy, sell and hold certain digital currencies in its wallet in recent months. 

Curv, with about 40 employees, will join that team, the payments giant said Monday in a statement.

“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” Jose Fernandez da Ponte, PayPal's vice president and general manager, blockchain, crypto and digital currencies, said in the statement.

 “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.”

Last year, Curv announced it had raised $30 million in total funding from investors including CommerzVentures, Coinbase Ventures and Digital Currency Group.

By Jennifer Surane