PayPal Holdings (NASDAQ:PYPL) – PayPal To Purchase Cryptocurrency Custodian Curv: Report

PayPal Holdings Inc (NASDAQ: PYPL) is buying Curv, a know-how agency, engaged within the safe storage of Bitcoin (CRYPTO: BTC) and different cryptocurrencies, CoinDesk reported Tuesday.

What Occurred: Curv’s price ticket was reportedly pegged at between $200 million and $300 million by native Israeli media, which didn’t title a purchaser.

“PayPal is shopping for Curv for $500 million,” an individual from throughout the digital asset custody house instructed CoinDesk.

Curv has raised $29.5 million in three funding rounds, as per Crunchbase. Buyers embody Franklin Templeton Investments, Workforce 8, and Coinbase Ventures.

Why It Issues: The Peter Thiel-co-founded PayPal turned to Curv after talks centered on buying BitGo fell by way of final 12 months, famous CoinDesk.

PayPal started providing cryptocurrencies to its customers in late October and partnered with New York-based Paxos’s iBit buying and selling alternate, which noticed an enormous 500% spike in volumes thereafter in November.

See Additionally: PayPal Cryptocurrency Accomplice Paxos Seeks To Change into US-Regulated Financial institution

Final month, PayPal stated its imaginative and prescient additionally extends to central financial institution digital currencies as effectively. 

Value Motion: PayPal shares closed almost 1.6% decrease at $269.19 on Tuesday and rose 0.78% within the after-hours buying and selling. 

For information protection in Italian or Spanish, take a look at Benzinga Italia and Benzinga España.

Photograph, courtesy of PayPal

© 2021 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.

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