PayPal to buy cryptocurrency custody firm Curv for $500 million: insider

According to CoinDesk, three people familiar with the crypto space said that payment giant PayPal is acquiring Curv, a cryptocurrency secure storage technology company.

Israeli news outlet Calcalist reported today that Curv was sold for between $200 million and $300 million, but did not reveal the name of the buyer. A person familiar with the digital asset custody space told CoinDesk yesterday: “PayPal is buying Curv for $500 million, I’m pretty sure it’s true.”

PayPal, which began dabbling in cryptocurrencies last year, has turned its attention to Curv after negotiations to buy crypto custody and trading firm BitGo fell through, the people said. PayPal had offered $750 million in cash to buy BitGo in past negotiations, two of the people said.

Curv declined to comment, while PayPal has not yet responded.

Curv has raised more than $30 million to date, including a $23 million round last July.

“PayPal has made some big acquisitions in the past, like Vemno, and now they want to own cryptocurrencies,” said one of the people familiar with the matter.

PayPal currently offers direct cryptocurrency purchases to its millions of U.S. users in partnership with New York-regulated Paxos, and last month said it would soon bring crypto services to the U.K.

Image credit: Coinmonks; Bitcoin Exchange Guide

By Sara Zhang