PayPal’s recent announcement to acquire cryptocurrency startup, Curv, caught our eye. In case you need a refresher, cryptocurrency is a digital currency where transactions are verified and records are held in one big system using cryptography, instead of centralized authority.
Curv, the Tel Aviv-based startup, helps you store your crypto assets safely. With the use of the cloud, you can access your cryto wallets without any hardware device. They are also great at setting up authentication policies to provide you with an added layer of security. With Curv, when you create a wallet, cryptographic secrets are developed on their servers. Then, as soon as you start a transaction, the multi-party computations will handle all the private keys. Essentially, their system makes it impossible for someone to hack your unsecured computer. Translation: the crypto information stored on the device is the ultimate security for digital wallets and users.
Curv will be joining the cryptocurrency group within PayPal as part of their gradual roll out. Prior to Curv, the payment mega company partnered with Paxos so that American users could buy, hold and sell cryptocurrencies from their PayPal account.
Next up for PayPal is allowing users to buy and sell items using cryptocurrencies. Venmo, also owned by PayPal, has been rumored to launch cryptocurrency products as well. There is a high chance you will see these big changes roll out before July 2021.
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