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According to reports, PayPal is in talks to acquire Curv, a firm that enables the transfer and storage of cryptoassets. It appears that the payments giant turned its attention to Curv after negotiations with crypto custody and trading firm BitGo fell through in December 2020.

“PayPal is buying Curv for $500 million.From where I’m hearing it, I’m pretty sure it’s true”. A source told Coindesk.

It’s no surprise that the firm is planning to expand its crypto offerings to its 300 million monthly active users. The company recently partnered with Paxos, providing customers the ability to buy, sell and hold various digital assets. In November 2020, PayPal announced that its customers will be able to use cryptocurrencies as a funding source for any transaction that takes place across all 28 million of their merchants. 

Curv, a New York-based firm, was founded in 2018 and has raised over $30 million to date, including $23M in Series A funding with investment from Commerz Ventures, Coinbase Ventures, Digital Currency Group, Team8 and Digital Garage Lab Fund. 

The talks are believed to be in early stages and thus are far from conclusive.

Global Crypto will report further as and when more information becomes available.

 

Feature image by Francois from LeWeb