Online payments giant PayPal said it has agreed to acquire Curv, an Israel-based crypto custodian, in an effort to expand its crypto offerings.
PayPal did not provide any further details about the deal.
Curv was founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin.
“Now, as the adoption of digital assets accelerates, we feel there’s no better home than PayPal to continue our journey of innovation,” Malinger was quoted as saying.
“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,” Jose Fernandez da Ponte, vice president and general manager, blockchain, crypto and digital currencies, PayPal, was quoted as saying in the announcement.
As reported last week, Israeli news website Calcalist first reported that Curv is in negotiations with an undisclosed bidder, while the deal value might reach USD 200m – USD 300m. Per Coindesk’s source, who reportedly said that “from where I’m hearing it, I’m pretty sure it’s true,” the deal is valued at USD 500m. As reported in December last year, PayPal abandoned its plans to acquire US-based major crypto custodian BitGo as the talks had fallen through, but PayPal the company was still exploring other potential acquisitions.
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Learn more:
– Crypto Opens Up PayPal, Square, Visa To New Revenue Streams – Fitch
– PayPal Touts Crypto For Its ‘Super App,’ But It Won’t Buy Bitcoin Just Yet
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