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PayPal Might Purchase Crypto Startup Curv for $500M

Several recent reports suggest that PayPal could be in talks to acquire a crypto storage startup for around $500 million. 

Curv is a startup that provides security solutions for crypto custody, and given the latest steps PayPal took toward embracing crypto, such an acquisition wouldn’t come as a surprise. 

Even though the two companies haven’t made any public statement regarding this matter, the talks between the Curv and PayPal teams are no longer a secret. 

Just two days ago, reports mentioned that Curv was being sold for $200-$300 million without the buyer being revealed. Now sources say that this buyer would be PayPal and the cost of the deal would be somewhere around $500 million, which is quite a leap from what we heard a few days ago.

Why Curv?

The New York-based startup powers the secure storage of cryptocurrencies, with its products being used by several important customers, such as the investment firm Franklin Templeton. 

The startup’s platform was built to enable a Wallet to generate private keys at different points at the same time and distribute these keys between the client and the cloud. Such an approach removes the likelihood of single points of failure.

Taking into account these services and PayPal’s services and recent crypto movements, the acquisition of Curv would only make sense. Curv could thus help the payments giant increase not only the security of its services but also the users’ confidence in the crypto services it provides. Moreover, with a native cryptocurrency custody solution in place, PayPal could also minimize costs in the long run.

PayPal Embraces Pro-Crypto Attitude

The payments company made its entrance into the crypto space in 2020, announcing last October that it would allow its customers to buy BTC, ETH, and other cryptocurrencies with fiat and carry out the related transactions in a secure, simple, and legal way. This move led to BTC price reaching new ATHs. 

PayPal also entered a partnership with New York-regulated Paxos in order to offer direct crypto purchases to its U.S. customers. According to recent statements from the company, its crypto products will also be available in the U.K. soon.

The payments company is not at its first attempt to take its crypto services one step further as in 2020, PayPal was reportedly in talks to acquire crypto custody and trading firm BitGo for which it offered $750 million in cash. As it turned out, those talks didn’t reach fruition, and the company has shifted its attention toward Curv. 

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