PayPal To Buy Cryptocurrency Custodian Curv: Report

PayPal Holdings Inc PYPL is purchasing Curv, a technology firm, engaged in the secure storage of Bitcoin BTC/USD and other cryptocurrencies, CoinDesk reported Tuesday.

What Happened: Curv’s price tag was reportedly pegged at between $200 million and $300 million by local Israeli media, which did not name a buyer.

“PayPal is buying Curv for $500 million,” a person from within the digital asset custody space told CoinDesk.

Curv has raised $29.5 million in three funding rounds, as per Crunchbase. Investors include Franklin Templeton Investments, Team 8, and Coinbase Ventures.

Why It Matters: The Peter Thiel-co-founded PayPal turned to Curv after talks centered on acquiring BitGo fell through last year, noted CoinDesk.

PayPal began offering cryptocurrencies to its users in late October and partnered with New York-based Paxos’s iBit trading exchange, which saw a massive 500% spike in volumes thereafter in November.

See Also: PayPal Cryptocurrency Partner Paxos Seeks To Become US-Regulated Bank

Last month, PayPal said its vision also extends to central bank digital currencies as well. 

Price Action: PayPal shares closed nearly 1.6% lower at $269.19 on Tuesday and rose 0.78% in the after-hours trading. 

For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España.

Photo, courtesy of PayPal