Last week, Global Crypto reported on rumours that PayPal was in talks to acquire crypto custody firm, Curv. According to a recent press release, the payments processor has agreed to purchase the digital asset custody firm, Curv. The acquisition is expected to be completed during the first quarter of 2021.
PayPal said that it purchased Curv “to accelerate and expand its initiatives to support cryptocurrencies and digital assets”.
“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system”. said Jose Fernandez da Ponte, vice president and general manager of crypto and blockchain at PayPal.
Adding that: “During our conversations with Curv’s team, we’ve been impressed by their technical talent, entrepreneurial spirit, and the thinking behind the technology they’ve built in the last few years. We’re excited to welcome the Curv team to PayPal.”
Financial details of the acquisition were not disclosed, however, according to previous reports, PayPal may be paying in the region of $200-$500 million.
Curv CEO, Itay Malinger, said that the firm is excited to join PayPal in expanding the role that digital assets will play in 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.”
PayPal’s expansion into the crypto space has been an exciting journey. No doubt there are more great things to come.