PayPal, one of the biggest online payment platforms, wants to acquire a crypto startup CURV. Curv is secure storage for a large number of cryptocurrencies worth millions of dollars.
There is no official statement to back up these claims yet. However, reliable sources reach out to a media platform, Calcalist, and a news outlet CoinDesk to provide information as to the acquisition.
“PayPal has made some great acquisitions in the past such as Vemno, and now they want to own something in crypto,” one of the sources said to CoinDesk.
There is a disagreement on the price that will be used for the acquisition. Some claim that PayPal is offering over $200-$300 million for this deal while others are claiming that the offer is for $500 miilion.
There is no official news from PayPal or Curv as to the acquisition. Both organizations are declining comments to the media. But if it goes through, there should be an official release from either of the companies.
What you need to know about Curv
Curv is a developer of digital asset security infrastructure that helps crypto enthusiasts and financial institutions create digital wallets.
The technology of the organization helps users to build crypto finance products. It enables you to transfer, store, and manage any digital asset on any blockchain or digital system for recording transactions. It is safe and reliable.
Curv has its headquarters in Tel Aviv, Israel. It has a decentralized security model that uses multi-party computation (MPC) protocols. This allows transactions to be safely signed in a mathematically-proven and distributed way. This crypto startup was established in New York by Dan Yadlin and Itay Malinger.
PayPal Crypto Journey
PayPal’s interest in crypto started when the organization launched its cryptocurrency services on its platform. These crypto services provide users with the option of buying, selling, and holding digital currencies like bitcoin and so on. PayPal tapped Paxos for helping with the crypto services.
In addition, this financial institution once made an atempt to buy a crypto platform BitGo but the deal did not go as expected.
PayPal is gradually growing its crypto services for its international community. The Payment platform is set to launch services in the United Kingdom. Asides from the buying,selling, and holding of cryptocurrencies, they plan to facilitate crypto payments with all of its international partners.
“I would describe the type of user on our platform right now as more of the crypto-curious,” said PayPal CFO John Rainey on the fourth quarter analyst call earlier this month.
“We’re not getting these heavy day traders in crypto – it’s more a casual customer that is somewhat intrigued by this and now has a trusted digital platform where they can go out and buy this and hold this, and then eventually be able to use this as a form of payment,” he continued. Rainey noted that PayPal has also set volume limits on its platform.
This exciting crypto news is a relief for PayPal users who are beginning to adapt to the crypto buying and selling platform on the app.