PayPal and curv

PayPal Reportedly Acquiring Crypto Custody Firm Curv

PayPal and curv

PayPal is in the process of buying cryptocurrency custody firm Curv, a technology firm focusing on the secure storage of crypto assets, according to CoinDesk’s report. 

An insider source told CoinDesk that PayPal is buying Curv for $500 million. 

Earlier this week, Israeli media Calcalist reported that Curv was being sold for between $200 million and $300 million, without naming the buyer. 

Payment giant PayPal has aggressively entered the nascent sector amid the cryptocurrency boom. Last year, PayPal partnered with stablecoin issuer and crypto exchange Paxos, to offer their own crypto trading services. 

Millions of PayPal users in the United States can buy, sell and hold cryptocurrencies including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) from PayPal’s digital wallets, as well as use crypto to shop at the 26 million merchants on its network.

FTX Buying PayPal?

In October, PayPal is said to be exploring acquisitions of cryptocurrency companies, expanding the firm’s presence in the crypto space. PayPal reportedly offered $750 million in cash for Bitcoin custodian and trading firm BitGo, but the talk fell through the end of last year.  

On another note, crypto derivatives exchange FTX announced supporting PayPal as a payment option, allowing users to deposit fiat currencies directly through their PayPal accounts.

FTX users can get “instant” payments to their accounts if they use the PayPal option, supporting most currencies and credit card payments as well. 

Reportedly, FTX only supported wire transfers and credit cards before integrating the PayPal deposit functionality. 

The tweet has raised speculation and enthusiasm on the social network, with PANews founder Alyssa Tsia responding: “You buying PayPal?”

And the exchange’s CEO replied, “If only.”