Cryptocurrencies continue to rise. Recently, PayPal announced in a statement that users in the United States could buy and sell cryptocurrencies through the platform. This situation led to the rise of all cryptocurrencies, especially Bitcoin and Etherium. The company took steps for additional security measures after this step. PayPal is going to buy a company to secure cryptocurrencies.
PayPal buys crypto security company
The company announced on Monday that it would acquire a Tel Aviv-based security firm. The company called Curv is specifically focused on protecting digital assets. Thanks to this purchase, PayPal protects its cryptocurrencies more effectively. Given that in the past various exchanges have been the target of cyber attacks and serious losses have occurred, this seems a very correct move.
Details of the agreement to be reached are not yet clear. However, information shows that the deal will be between $ 300 million and $ 500 million. “We are investing in the future and technology for a more advanced financial system,” said Jose Fernandez, vice president of PayPal. The transaction is expected to close in the first half of 20201.
The company’s cryptocurrency exchange currently only allows users to buy and sell cryptocurrencies. Users cannot use this money to shop and trade in any way. However, the company intends to change this in the coming period. With PayPal, customers will soon be able to shop with these cryptocurrencies. Curv aims to increase security especially in this area.