PayPal To Buy Cryptocurrency Custodian Curv: Report

March 2, 2021 10:00 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
PayPal To Buy Cryptocurrency Custodian Curv: Report

PayPal Holdings Inc (NASDAQ:PYPL) is purchasing Curv, a technology firm, engaged in the secure storage of Bitcoin (CRYPTO: BTC) and other cryptocurrencies, CoinDesk reported Tuesday.

What Happened: Curv’s price tag was reportedly pegged at between $200 million and $300 million by local Israeli media, which did not name a buyer.

“PayPal is buying Curv for $500 million,” a person from within the digital asset custody space told CoinDesk.

Curv has raised $29.5 million in three funding rounds, as per Crunchbase. Investors include Franklin Templeton Investments, Team 8, and Coinbase Ventures.

Why It Matters: The Peter Thiel-co-founded PayPal turned to Curv after talks centered on acquiring BitGo fell through last year, noted CoinDesk.

PayPal began offering cryptocurrencies to its users in late October and partnered with New York-based Paxos’s iBit trading exchange, which saw a massive 500% spike in volumes thereafter in November.

See Also: PayPal Cryptocurrency Partner Paxos Seeks To Become US-Regulated Bank

Last month, PayPal said its vision also extends to central bank digital currencies as well. 

Price Action: PayPal shares closed nearly 1.6% lower at $269.19 on Tuesday and rose 0.78% in the after-hours trading. 

For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España.

Photo, courtesy of PayPal

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.


Related Articles

Bitcoin Has Surpassed PayPal In Transaction Volume And Could Leave Behind Mastercard 'In Time' Too, Says Intelligence Firm

Bitcoin Has Surpassed PayPal In Transaction Volume And Could Leave Behind Mastercard 'In Time' Too, Says Intelligence Firm

Apex cryptocurrency Bitcoin (CRYPTO: BTC), which has already exceeded PayPal Holdings Inc. (NASDAQ: PYPL) in terms of transaction volume, could surp read more
Why This Investor Bought Coinbase Stock Following Pullback

Why This Investor Bought Coinbase Stock Following Pullback

Coinbase Global Inc (NASDAQ: COIN) traded lower last week after reporting weak third-quarter financial results.  read more
Do Some People Still View Crypto as Irrelevant? Hint: Yes

Do Some People Still View Crypto as Irrelevant? Hint: Yes

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. read more
Tesla Remains Top-Discussed Stock On WallStreetBets; PaySafe, AMD And These Are Other Top Trends Today

Tesla Remains Top-Discussed Stock On WallStreetBets; PaySafe, AMD And These Are Other Top Trends Today

Tesla Inc. read more