As reported by CoinDesk PayPal Holdings Inc. has now announced that it would be acquiring Curv. Curv is a technology company engaged in the business of securing the storage of Bitcoin and other crypto-assets.
With this new development, PayPal’s market value is sure to shoot up. Just last month PayPal had announced that it was bringing its cryptocurrency services to the UK as well and now this.
Late last year PayPal had announced its plans of allowing users of cryptocurrency to exchange the digital asset on its platform. Shortly after many other big finance and investment companies followed suit. Now with this latest move of PayPal, it is yet to be seen who else will jump on the bandwagon.
Without naming any buyer, a local Israeli news platform had informed that Curv’s selling price was fixed somewhere between $200 million and $300 million.
However, a source from the digital asset custody space revealed to CoinDesk that PayPal was paying a whopping sum of $500 million. This is almost double the amount that the Israeli news outlets had reported, without revealing the purchaser.
According to Crunchbase Curv has collected $29.5 million in three funding cycles. The Investors included are Coinbase Ventures, Franklin Templeton Investments, and Team 8.
Many people in the crypto world have observed that PayPal diverted its attention to Curv after negations didn’t turn out well with BitGo. Talks to acquire BitGo started last year but nothing materialized. According to close sources PayPal had offered to pay $750 million to BitGo. BitGo is a digital asset, crypto custody, and trading company, having its headquarters in California.
While official statements from PayPal and Curv are yet to be issued, it sure is going to be one huge deal. With this Cryptocurrency will see yet another milestone being achieved.
In the past, to PayPal has made some huge acquisitions, the most famous of which is Venmo. Venmo is a mobile payment facility that works as a digital wallet. Now that PayPal has ventured into cryptocurrency, people might see it acquiring more of crypto-related companies.
Paypal stepped into the crypto world last year and took it by storm. Following it was companies like Visa and Mastercard who also publicly showed their support for cryptocurrency. Gradually other conventional and mainstream finance and investment platforms are also jumping on the bandwagon.
This goes on to show that cryptocurrency is here to stay. The world might not yet be revolving around cryptocurrency but everyone sure is talking about the digital asset. Tesla too announced this year that it would start accepting cryptocurrency for its products. Similarly, Visa announced that it would help banks roll out cryptocurrency, while Mastercard showed its willingness to advance crypto transactions. Morgan and Stanley, the investment bank also showed its eagerness to accept payments in crypto.