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.