REUTERS/Lucas Jackson
- PayPal is reportedly in early-stage talks to acquire US-Israeli crypto custody firm Curv for $500 million.
- Founded in 2018, Curv is based in New York and has research and development offices in Tel Aviv.
- PayPal declined to comment over speculation of a deal.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
PayPal is holding early-stage discussions to acquire cryptocurrency custody firm Curv, Bloomberg reported on Tuesday.
The deal could be worth as much as $500 million, according to CoinDesk. Discussions could still fall apart as there’s no guarantee of a deal yet.
US-Israeli startup Curv provides security infrastructure for digital assets. Founded in 2018, the firm is based in New York and has research and development offices in Tel Aviv.
PayPal has been seeking to capitalize on increasing interest in digital currencies ever since it opened its services to buy, hold, and sell cryptocurrencies late last year. The company’s venture capital arm on Tuesday revealed a stake in TaxBit, a crypto tax and accounting automation software firm.
PayPal’s CFO John Rainey said last month that the company would be unlikely to invest cash in cryptocurrencies. It would rather spend on assets that complement services it currently provides, he said.
PayPal declined to comment on a potential deal, while Curv did not immediately respond to Insider’s request for comment.
Shares in PayPal fell 4% to $10.43 per share as of 10:23 a.m. ET on Wednesday.
Leave a Reply
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
