Cryptocurrency
PayPal To Boost Crypto Ecosystem, To Buy Crypto Security Startup For $200 Million
In an effort to boost building its crypto ecosystem, PayPal is set to unconditional acquires a crypto-security firm Curv, to increase its crypto campaign.
Brandnewsday reports that Paypal made this known in a press statement made available to the media that the global payment firm wants to ”two-sided network, and rigorous security and compliance controls provide us with the opportunity”.
The deal is estimated to be worth less than $200 million, it’s expected to close before June this year. according to the CNBC report.
The company’s stock price, however, recorded some selling pressures at the time due to the surge in the U.S Treasury yields and greenback keeping global investors on their toes.
PayPal Crypto Security Startup
PayPal, in the statement, therefore, revealed that the purchase would help its expansion on supporting the crypto ecosystem. Meanwhile, the crypto startup about to be acquired by PayPal provides companies with Crypto security technology via the cloud.
“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,” PayPal’s Jose Fernandez da Ponte said in a statement.
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Commenting on the development, Dan Schulman, president, and CEO, PayPal, gave his key view on why the global payment company was going crypto; The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of; financial inclusion and access, efficiency, speed, the resilience of the payments system and the ability for governments to disburse funds to citizens quickly.
“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.
Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”
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Lastly, the offer was facilitated through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.
