PayPal purchases crypto custodian company Curv

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Power move! Reports are rife that PayPal is all set to buy Curv, a technology firm engaged in the secure storage of Bitcoin and other cryptocurrencies.

The payments giant apparently turned to Curv after talks with BitGo, another company offering similar custody and trading solutions, fell through last year. PayPal reportedly offered $750 million in cash for the deal that failed to materialize.

According to sources, Curv could be sold for as much as $500 million.

Its price tag was pegged at between $200 million and $300 million by local Israeli media, which did not name a buyer. Speaking of naming, the person within the digital asset custody space that broke the news also did not want to be named.

Curv Logo

Curv has raised $29.5 million in three funding rounds, including a $23 million funding round in July.

PayPal has made a couple of key acquisitions in the finance space, including Venmo, but clearly the company now wants to own something in the crypto domain.

The firm also recently partnered with New York regulated Paxos to offer direct purchases of cryptocurrency for millions of its users. This move resulted in a massive spike of 500% in volume in November.

Its crypto products and services are set to launch in the UK very soon.

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