PayPal is acquiring New York-based crypto custody startup Curv for less than $200 million
Nickie Louise
Posted On March 8, 2021
Last week, we wrote about Curv after a report from Coinbase that PayPal was reportedly in talks to buy New York-based crypto custody startup Curv for $500 million. In the end, the final price turned out to be much lower than the reported amount.
Citing a person familiar with the matter, CNCB reported today that the deal is actually worth less than $200 million. PayPal later confirmed that the company is in talks to buy Curv but declined to disclose the total amount of the deal. “The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” PayPal’s Jose Fernandez da Ponte said in a statement.
As we noted last wee, the acquisition makes strategic sense for the payment giant especially after PayPal Chief Financial Officer John Rainey told CNBC that PayPal is not likely to buy cryptocurrencies such as bitcoin but instead invest in services that are additive to the platforms it offers.
The news about the deal comes just a few months after PayPal affirmed its commitment to the fast-growing segment, saying in October the shift to tokens is “inevitable.” PayPal also recently created a new business unit focused on blockchain, crypto, and digital currencies. Curv will join that newly formed group, PayPal said.
Founded in 2009 by two Israeli founders Dan Yadlin and Itay Malinger, Curv is a developer of digital asset security infrastructure helping crypto-native and financial institutions to create digital wallets. The startup offers secure storage for cryptocurrencies, for hundreds of millions of dollars.
