Leading payments service provider, PayPal, acquires Israel-based cryptocurrency custody firm Curv for an anonymous amount.
In line with PayPal, the firm purchased Curv as a part of its initiative to support crypto and digital assets. The platform revealed it plans to finish the acquisition before the third quarter of this year, but didn’t disclose the acquisition amount. Israel-based media outlet Calcalist added last week that Curv may have sold for between $200 Mln and $300 Mln, with CNBC reporting on Monday that “The deal is worth around $200 Mln.”
“The acquisition of Curv is a component of our effort to take a position within the talent and technology to understand our vision for a more inclusive economic system,” added Jose Fernandez da Ponte, vice chairman and head of PayPal’s cryptocurrency and blockchain division. “Within our conversations with Curv’s team, we’ve been impressed by their technical talent, entrepreneurial spirit, and therefore the thinking behind the technology they’ve inbuilt the within earlier couple of years.”
Many publications citing anonymous sources “familiar with the matter” broke the news of PayPal’s Curv acquisition earlier this month. On the other hand, some investors mistook the acquisition of the cryptocurrency custody firm thereupon of the native token of DeFi protocol Curve Finance. The worth of Curve’s CRV token rose over 10% to $2.60 USD within an hour of the news breakout but has since fallen to $2.35 USD again.
The Curv acquisition follows PayPal’s expansion into the cryptocurrency ecosystem. Earlier in October last year, the platform primarily added that its users would be now able to use crypto assets to buy at any merchant in its network beginning in 2021. Residents of the U.S. can presently use the payments platform for purchasing and selling crypto assets, but PayPal said it might soon be expanding these services to the U.K.