Payment giant PayPal has confirmed that it has agreed to acquire Israel-based cryptocurrency security company Curv to ‘accelerate and expand’ its plan to support cryptocurrency and digital assets.

According to a statement, PayPal will complete the acquisition in the first half of 2021.

Once the acquisition is completed, Curv team will join a new group created by PayPal to support and promote innovation in the cryptocurrency industry. Curv’s team will bring their technical expertise to the group.

The acquisition of Curv is one of the strategies PayPal is using to drive its commitment to use digital currencies to lead innovation in financial services and commerce.

Speaking on this new move by PayPal, the Vice President and General Manager blockchain, crypto and, digital currency at PayPal Fernandez de Ponte said the acquisition of Curv is part of the effort of PayPal ‘to invest in the talent and technology to realize our vision for a more inclusive financial system.’

The current price of bitcoin is $54,120.51, increasing by 8.09% in the last 24 hours. Bitcoin’s current market cap of $1.01T and market volume of $58.63B. In the last 24 hours, bitcoin has dropped to $49,934.99 and experienced a 24 hours high of $54,452.72.  Currently, 18,649,056.25 bitcoins are in circulation.

Stats and Image from Coin Desk

The co-founder and CEO of Curv Itay Malinger said he believes the new deal with PayPal will help further the innovative solution Curv started and expand it to the global economy.

“Now, as the adoption of digital assets accelerates, we feel there’s no better home than PayPal to continue our journey of innovation. We’re excited to join PayPal in expanding the role these assets play in the global economy,” he said.

The financial terms of the deal were not disclosed.