- PayPal is allegedly planning to takeover Curv, a digital asset custody firm
- Three insider sources confirmed the same
- PayPal denied all requests to comment on any confirmation to press time
PayPal is a platform that offers a convenient and quick mode to send and request money digitally. A user can transfer finances to family, acquaintances, online stores, and auction portals like eBay across the borders. The only thing required for the transaction is the beneficiary’s email address.
PayPal’s plan to takeover Curv
According to three insider sources, PayPal is allegedly planning to purchase Curv, a technology firm. The latter is known for boosting the safe storage of cryptocurrency.
On Tuesday, Israeli news portal Calcalist reported that the sale of Curv is happening at a value ranging between $200 million and $300 million. However, the outlet did not name the buyer.
A trusted source from the crypto custody space reported that the news of PayPal buying the technology firm Curv is quite true. It does hold credibility and the alleged worth of the purchase is likely to be around $500 million.
PayPal’s primary aim to enter the crypto space
Some people in the cryptocurrency industry claimed that PayPal, which entered the crypto industry last year, shifted its focus to Curv after its consistent attempts to purchase crypto custody and trading institution BitGo failed last year. Two sources familiar with the respective proposal suggest that PayPal quoted a cash payment of $750 million for BitGo.
Another source reported that PayPal is growing exponentially with its surging graph of big acquisitions in the past like Vemno, and now they wish to own something substantial in the crypto space. Meanwhile, Curv managed to raise $30 million till today.
In other news, PayPal recently collaborated with New York-regulated Paxos to provide the facility of direct purchases of crypto assets for its millions of U.S. customers. The payments giant stated last month that it would likely bring this crypto facility to the U.K. soon.
The company declared that its primary crypto products are, thus, arriving in the United Kingdom in the next few months. Meanwhile, it’s also planning to launch the funding service of crypto in a few months.
Jonathan Auerbach, executive vice president at PayPal, stated that they wish to help crypto services to become a medium for positioning PayPal as a multi-service platform.