PayPal Confirms Plans To Buy Cryptocurrency Custodian Curv

Payment giant PayPal has confirmed plans to acquire crypto storage infrastructure provider Curv. This is stated in a press release from the company.

PayPal expects to complete the deal in the first half of 2021. Its terms were not disclosed.

“The acquisition of Curv is part of the company’s efforts to invest in talent and technology to realize our vision for a more inclusive financial system,” said José Fernández da Ponte, vice president of payments giant.

The company said the agreements reached will accelerate and expand PayPal’s cryptocurrency and digital asset initiatives.

In July 2020, Curv raised $ 23 million in a Series A funding round from Commerzbank Group, Coinbase Ventures and Digital Currency Group.

In October , an additional round of Curv financing took place , led by investment giant Franklin Templeton.

About plans to PayPal for the purchase of infrastructure provider for the storage of digital assets became known in early March. According to various estimates, the deal amounts to $ 200 million to $ 500 million.

Earlier, Fortune sources said the payment giant had pulled out of a deal to acquire crypto custody service BitGo.

As a reminder, on November 11, 2020, PayPal launched the purchase and sale of bitcoin for US users.

In January 2021, the company recorded a record volume of cryptocurrency trading on the platform – users conducted transactions for $ 242 million .

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