Payments giant PayPal Holdings Inc. announced its intention to acquire Tel-Aviv crypto-focused startup, Curv. The firm expects to complete the acquisition of Curv in the first half of 2021; however, the financial aspects of the deal remain undisclosed. Earlier, local reports mentioned that Curv was being sold for about $500 million, to an unnamed buyer, at the time.
Addressing the plans, Vice president and general manager, blockchain, crypto, and digital currencies at PayPal, Jose Fernandez da Ponte, said:
The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system.
The firm stressed its “commitment” to help shape the role that crypto assets will play in the future of commerce. The Paypal team mentioned its recently created crypto and blockchain-focused business that will help the firm “drive sustained growth and innovation” in the digital currency ecosystem.
Certain reports stated that PayPal had been planning to acquire Curv, in particular. Last year, some speculated that the payments firm would plan to acquire brokerage business BitGo as well.
*PAYPAL SAID TO BE IN TALKS TO BUY CRYPTO FIRMS INCLUDING BITGO
— Carol Massar (@carolmassar) October 22, 2020
However, by the end of last year, BitGo CEO Mike Belshe confirmed that there was no possibility of PayPal buying his company. While he said that BitGo was “in talks with everyone,” he said the firm would not accept a “small exit.”
Nevertheless, the milestone deal with Curv would be PayPal’s first confirmed plan among perhaps many others, to acquire crypto-focused firms.
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