PayPal Acquires Curv Cryptocurrency Storage Service

The popular payment processor PayPal has acquired the Israeli custodial service Curv, which providessafe storage of cryptocurrencies. Information about this was published in the official blog of the company.

PayPal has said it plans to completethe process of completing the transaction until the third quarter of 2021, but did not disclose the purchase amount. Israeli media outlet Calcalist reported last week that Curv may have been sold for between $ 200 million and $ 300 million, and CNBC said on Monday that "the deal cost no more than $ 200 million."

“The acquisition of Curv is part of our initiativeon investing in talent and technology to realize the long-term goal of creating a more accessible financial system, '' said Jose Fernandez da Ponte, Vice President and General Manager of Blockchain and Cryptocurrencies at PayPal. “In our talks with the Curv team, we were impressed with their technical talent, entrepreneurial spirit and the mindset behind the technology they've built over the past few years.”

PayPal has been eyeingcryptocurrency market. In the fall of 2020, the platform announced the opening of access to its cryptocurrency service for US customers who were able to buy, store and sell digital currencies. PayPal CEO Dan Shulman noted at the time that adding support for cryptocurrencies was a logical step as the economy was clearly moving towards digital currencies. Ultimately, 26 million PayPal users around the world should get access to the cryptocurrency service.

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