Posted 1 year ago | by @devadmin
PayPal plots its next move into cryptocurrency, purchasing Curv after attempting to acquire BitGo in 2020 and failing after the deal fell apart.
PayPal Holdings Inc. is in talks to acquire the startup Curv, which helps companies transfer and store digital currencies. PayPal is reportedly buying Curv, an Israeli crypto custody firm, for $200 million – $500 million. Curv has raised funds from Coinbase Ventures and DGC as well as integrated with the Compound protocol.
The talks are early and could still fall apart according to Bloomberg. However, CoinDesk reports that Israeli news outlet Calcalist reported that Curv was in the process of being sold for between $200 million and $300 million, without naming the buyer.
Three sources told CoinDesk news that PayPal is “in the process” of purchasing Curv. “PayPal is buying Curv for $500 million,” a source from the digital asset custody space told CoinDesk. “From where I’m hearing it, I’m pretty sure it’s true.”
PayPal’s crypto offering has been limited, with the payment giant failing to give users control over their own private keys. It will be interesting to see what use case the company will leverage with Curv, and whether or not users will be able to withdrawal cryptocurrencies to their own private wallets similar to what Robinhood just announced.
PayPal partnered with New York-regulated Paxos to offer direct purchases of cryptocurrency for its millions of U.S. users last year. The payment company also tried to acquire Bitgo a crypto custody and trading firm last year but the deal fell apart for unknown reasons.
The payments giant stated last month that its crypto purchasing option would soon be available to users in the UK. Paypal has also promised that the rest of the world would begin having access to its crypto payment option as well. So it comes as no surprise if the company is really looking to buy Curv or perform any further acquisitions this year.
Paypal’s stock has corrected following news of the custody firm acquisition according to Seeking Alpha.
Bitcoin is currently trading at [FIAT: $48,850.20] DOWN -0.6% in the last 24 hours according to Coingecko at the time of this report.