PayPal has announced that it plans to acquire Curv, a cryptocurrency startup based in Tel Aviv, Israel. TechCrunch reports: Curv is a cryptocurrency security company that helps you store your crypto assets securely. The company operates a cloud-based service that lets you access your crypto wallets without any hardware device. Curv also lets you set up sophisticated policies so that the new intern cannot withdraw crypto assets without some sort of approval chain. Similarly, you can create allow lists so that regular transactions can go through more easily.

Behind the scenes, Curv uses multi-party computation to handle private keys. When you create a wallet, cryptographic secrets are generated on your device and on Curv’s servers. Whenever you’re trying to initiate a transaction, multiple secrets are used to generate a full public and private key. Secrets are rotated regularly and you can’t do anything with just one secret. If somebody steals an unsecured laptop, a hacker cannot access crypto funds with the information stored on this device alone.

PayPal says that the Curv team will join the cryptocurrency group within PayPal. Terms of the deal are undisclosed and the transaction should close at some point during the first half of 2021. Calcalist reported that PayPal was paying between $200 million and $300 million for the acquisition. A person close to the company says that the transaction was under $200 million. I guess we’ll find out what happened exactly in the next earnings release.

Read more of this story at Slashdot.

Source: Slashdot – PayPal To Acquire Cryptocurrency Security Startup Curv