Payment operations provider PayPal acquired crypto custody business Curv. The sum of the deal is unknown.
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Curv is an Israeli-based firm founded in 2018. It exploits a cloud-powered service that allows customers to reach their crypto wallets not using any hardware device. In the paper, published on March 8, PayPal mentions the move aims to widen the company's support of crypto and digital assets.
Particularly, the Vice President and head of PayPal’s crypto and blockchain division Jose Fernandez da Ponte said that the move is explained with the company's goal to build a broader financial system.
It was in October 2020 that the multinational payment company first disclosed its plans to allow cryptocurrency purchases on its platform. For this purpose, PayPal teamed up with a regulated blockchain infrastructure platform Paxos to enable users in the USA to trade and store crypto assets from their PayPal accounts. The option is currently possible in the US, but the company intends to extend the services to the UK.