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Paypal enters into talks to acquire a cryptocurrency preservation and storage company

Source:

According to some informed sources within the company “Curv” specialized in preserving and storing digital currencies, there is negotiation with an unnamed buyer with the aim of acquiring it for about $ 500 million.

The internal source, who asked the source not to reveal his identity, said that the talks are in their early stages and may continue to advanced stages and may fail and not continue.

According to the aforementioned source, Paypal is the largest candidate concerned with this negotiation, as Paypal seeks to expand its options and offers related to crypto, after the company began to provide customers with the ability to hold, sell and buy cryptocurrencies on its platform.

Paypal intends to add such capabilities to its subsidiary, Venmo, for mobile payments in the next few months.

Paypal plans to launch features and services for merchant acceptance of cryptocurrencies starting this month.

“Curv” is a New York-based company established in 2018 supervised by Dan Yadlin as a technical director and himself the CEO of “Team8”, and the CEO of “Curv” is Mr. Atay Malinger.

To date, Curv has raised $ 29 million.

In July last year, the same company also raised $ 23 million in investments.

Curv says its products are used by a variety of clients, including the investment firm Franklin Templeton.

The company has built a cloud-based cryptocurrency asset management platform that secures digital currencies while allowing digital currency monetization at any time.

What was mentioned above regarding PayPal acquisitions is still awaiting official confirmation from the concerned authorities.

The crypto market is heading in the right direction:

Last year, Paypal revealed that 350 million users worldwide will be able to deposit bitcoins and other cryptocurrencies in their wallets and spend them through 26 million merchants in 2021.

In October of last year, PayPal announced support for trading cryptocurrencies in the United States with the service supported by “Paxos” based in the United States.

Shortly after the company launched its cryptocurrency offering services, rumors surfaced that the payment giant was looking for acquisitions.

In November, PayPal held discussions but later dropped which include plans to acquire BitGo, a cryptocurrency store.

It is therefore not surprising to see that leading cryptocurrency custodians become the primary targets of acquisitions.

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