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PayPal Confirms Acquisition of Crypto Custody Firm Curv

PayPal Confirms Acquisition of Crypto Custody Firm Curv

PayPal has affirmed its purchase of the Israel-based crypto custody firm, Curv. The payment giant sealed the deal with Israeli firm Curv, the digital asset custody company. Last Tuesday, the acquisition’s first report came out, with the contract’s expected amount between $200M-$500M. While the press release did not reveal the amount, media reports recommend it is towards the foretold range’s lower limit. However, there was no actual evidence to support the claims.

PayPal recently confirmed all the claims of Curv’s acquisition. The company’s decision to buy Curv reaffirms its mandate to closely connect to the digital asset space and become a significant player in the swiftly evolving financial world. The statement published on its website intends to employ the recent acquisition to expand and stimulate its initiative to boost digital assets. The payment giant has advocated that the Curv team would venture into PayPal’s cryptocurrency group. PayPal has been continuously launching crypto products. In October last year, the payment giant collaborated with New York state-regulated Paxos to allow users in the U.S. to sell and purchase crypto assets from their PayPal accounts.

PayPal plans to expand its services to U.K.

While U.S. consumers recently employed the payment platform to trade and purchase cryptocurrencies, PayPal recently announced that it is soon extending such services to the United Kingdom. Moreover, PayPal primarily supports the buy and sell of only four cryptocurrencies. It involves Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Shortly, PayPal intends to drive crypto products in other international countries based on its Venmo subsidiary payment platform. The payment giant had lately been in discussions to acquire BitGo crypto custody firm for as much as $750 million; however, it later abandoned the deal.   

The acquisition will prove fruitful for both PayPal and Curv in the near future. Curv was established in 2018 by CEO Itay Malinger and CTO Dan Yadlin. Curv has produced a new wallet infrastructure that employs cryptography to offer autonomy and efficiency of facilitating transactions without using complex private signatures. German insurer, Munich RE, warrants the assets on Curv, providing Curv consumers coverage of up to $50 million of digital assets. The platform supports above 200 tokens, involving all ERC-20 tokens.

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