Last week, we touched upon an unconfirmed news that Paypal is in talks with the cryptocurrency keeper “Curv” with the aim of acquiring it:
To be confirmed, the news is confirmed and officially confirmed, as Paypal revealed that it plans to take advantage of the new acquisition to expand and accelerate its initiative to support cryptocurrencies.
Ripple announced that the “Curv” team will join the division of PayPal’s cryptocurrency group.
Jose Fernandez da Ponte, Vice President of PayPal and General Manager of Blockchain and Cryptocurrencies Technology, said:
The acquisition of Curv is part of our effort to invest in talent and technology to fulfill our vision of a more inclusive financial system.
Through our conversations with the “Curv” team, we were touched by their technical talent, the entrepreneurial spirit and the thinking behind the technology they have built in the last few years.
We are pleased to welcome the Curv Team to Paypal.
The terms of the deal have not been disclosed and the deal is due to close sometime in the first half of 2021.
Last week, a source reported that Paypal plans to pay between $ 200 million and $ 300 million for the acquisition.
A person familiar with Paypal said the deal was less than $ 200 million.
Founded in 2018, Curv is a security company focused on cryptocurrencies and helping customers store cryptocurrencies safely.
The company operates a cloud-based service.
Paypal and cryptocurrencies:
Paypal started to gradually introduce cryptocurrency products.
In October last year, PayPal entered into a partnership with the New York state company, Paxos, to allow users in the United States to sell, hold and buy cryptocurrencies from their PayPal accounts.
Paypal also recently announced that it will soon expand these services to the United Kingdom.
In the near future, Paypal plans to launch Crypto products in a number of other countries based on its subsidiary payment platform Venmo.
Paypal recently held talks to acquire crypto preservation company BitGo for $ 750 million, but Paypal later canceled the deal.