The payments giant PayPal confirmed plans to acquire Curv, a provider of infrastructure for storing cryptocurrencies. This is stated in the press release of the company.
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PayPal expects to complete the deal in the first half of 2021. Terms were not disclosed.
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“The purchase of Curv is part of the company’s efforts to invest in talent and technology to realise our vision of a more inclusive financial system,” said José Fernández da Ponte, PayPal’s vice president.
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The company said that the agreements reached would accelerate and broaden PayPal’s cryptocurrency and digital-asset initiatives.
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In July 2020, Curv raised $23 million in a Series A funding round from Commerzbank Group, Coinbase Ventures and Digital Currency Group.
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In October took place an additional funding round for Curv, led by investment giant Franklin Templeton.
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News of PayPal’s plans to acquire a provider of custody infrastructure for digital assets emerged in early March. Estimates of the deal value range from $200 million to $500 million.
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Earlier Fortune sources reported that the payments giant exited the deal to acquire the crypto custody service BitGo.
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In November 2020, PayPal launched the buying and selling of bitcoin for US users.
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In January 2021, the company recorded a record trading volume of the cryptocurrency on its platform — users conducted operations worth $242 million.
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