On March 8, 2021, PayPal announced its intention to acquire Tel Aviv-based digital asset security company Curv as part of its roadmap to accelerate and expand cryptocurrency and digital asset support on its payments platform. Unfortunately for existing customers, the acquisition means that they will no longer enjoy the company’s support and will have to find a new platform. CYBAVO would like to invite all CURV customers to get in touch with us here.
Why did PayPal acquire Curv?
In its bid to keep in line with the future of financial services and commerce, PayPal recently created a business unit dedicated to the growing technology of digital currencies, which newly appropriated Curv will join and assist, adding technical expertise to the team.
Curv is a cryptocurrency custodian cloud-based service that allows users to securely store their crypto wallets without the use of a hardware device.
Curv uses multi-party computation (MPC) technology for private keys which provides institutions with a secure, autonomous, and distributed way of signing transactions. Curv offers its services to cryptocurrency exchanges, brokers, over-the-counter desks, and funds. Financial institutions that are looking to diversify their holdings by storing digital assets also form part of Curv’s user base.
The payments giant has also partnered with blockchain- infrastructure company Paxos to provide its users with the ability to buy, sell and store cryptocurrency from their PayPal account. The company’s future plans include allowing customers to buy and sell items using crypto.
Implications for Curv customers
In light of PayPal’s incoming acquisition and its desire to use Curv internally to build its digital assets department, it appears that Curv will no longer be able to provide custodial services to its existing clients.
Curv customers looking for a viable alternative to provide them with a similar cryptocurrency and digital asset custodial service can look to CYBAVO.
What is CYBAVO?
CYBAVO offers institutional-grade security and usability for enterprise crypto wallets. The company, which was founded in 2018 in Singapore by experts in cybersecurity and blockchain security, has a proven track record of providing a stellar crypto custodian service to both the public and private sectors and currently has offices in Singapore, Taipei and Luxembourg.
CYBAVO is dedicated to empowering blockchain companies by providing them with wallet management services incorporating the latest advancements in cybersecurity. The company offers the same robust security key model that former Curv customers have come to know and expect. CYBAVO implements a shared responsibility model similar to that of Curv’s MPC technology.
Existing Curv customers looking for a frictionless migration can contact CYBAVO at info@cybavo.com or fill out the contact form here. Our team will gladly support and help you to make your transition as seamless as possible.