PayPal confirms it has acquired Curv, a cryptocurrency custodian
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Answer PayPal confirms it has acquired Curv, a cryptocurrency custodian
Last week, we got unconfirmed news about PayPal in talks with cryptocurrency custodian Curv to acquire it:
PayPal is in talks to acquire a company to store and store digital currencies
To confirm the matter and prove the news officially, PayPal revealed that it plans to take advantage of the new acquisition to expand and accelerate its initiative to support cryptocurrencies.
Ripple has stated that Curv’s team will be joining PayPal’s crypto-group division.
Jose Fernandez da Ponte, Vice President of PayPal and General Manager of Blockchain Technology and Cryptocurrency, said:
The acquisition of Curv is part of our effort to invest in talent and technology to realize our vision for a more inclusive financial system.
Read:Liverpool Football Club becomes an official partner for a blockchain-based currency trading app
Through our conversations with the Curv team, we were touched by their tech talent, entrepreneurship, and thinking behind the technology they’ve built in the past few years.
We are pleased to welcome the Curv team to PayPal.
Terms of the deal were not disclosed and the deal is scheduled to close sometime in the first half of 2021.
Last week, someone mentioned Sources PayPal plans to pay between $200 million and $300 million for the acquisition.
A person familiar with PayPal said the deal was less than $200 million.
Founded in 2018, Curv is a security company focused on crypto and helping customers store cryptocurrencies securely.
The company operates a cloud-based service.
Paypal and Cryptocurrency:
The company “Paypal” began to gradually launch crypto products.
In October last year, PayPal partnered with New York state-regulated company Paxos to allow US users to sell, hold and buy cryptocurrency from their PayPal accounts.
PayPal also recently announced that it will soon expand these services to the United Kingdom.
In the near future, PayPal plans to launch crypto products in a number of other countries based on its proprietary Venmo payment platform.
Read:Average Bitcoin Transaction Fees Hit their Lowest in 2 Years
PayPal recently held talks to acquire crypto custodian company BitGo for $750 million, but PayPal later canceled the deal.
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