Payment giant PayPal Acquires crypto custody firm Curv
March 9, 2021 4:31 PM
PayPal who announce its support for cryptocurrency has moved to solidify its claims with the purchase of isreal-based crypto custody firm Curv.
The payment giant aims to complete the deal before the end of 2021 Q3. Although at the time of the publications the amount is still undisclosed by both parties.
However, according to Calcalist a media outlet based in Israel reported last week that Curv may have been sold between $200 million and $300 million, while CNBC also reported on Monday that the deal is less than $200 million.
PayPal claims it's aim for acquiring Curv is part of the companies initiative to support digital assets on it's platform. The payment giant said it plans to complete the purchase before 2021 third quarter.
Jose Fernandez da Ponte who is the vice president of PayPal's cryptocurrency and blockchain division said:
PayPal's purchase of Curv is part of our efforts as we are working to invest in the talent and technology to realize our vision for a more inclusive financial system.
"On our early conversations with the Curv's team, I can say we've been highly impressed by their technical talent, entrepreneurial spirit, and the thinking behind the technology they've put together during the last few years.”
PayPals purchase of Curv was able to Curve some crypto investors into thinking the acquisition was related to DeFi protocol Curve Finance causing a quick jump on the price of Curve's (CRV) token saw a 10% rise an hour after the news broke out.