PayPal to Buy Crypto Custody Firm Curv: Sources

PayPal is said to be in the process of buying Curv, a technology firm that powers the secure storage of cryptocurrency, according to three sources familiar with the situation.

Israeli news outlet Calcalist reported Tuesday that Curv was being sold for between $200 million and $300 million, without naming the buyer.

“PayPal is buying Curv for $500 million,” a source from within the digital asset custody space told CoinDesk on Monday. “From where I’m hearing it, I’m pretty sure it's true.”

Several people in the cryptocurrency space have said PayPal, which made an entrance there last year, turned its attention to Curv after talks to buy crypto custody and trading firm BitGo fell through last year. PayPal offered $750 million in cash for BitGo, two sources familiar with the deal told CoinDesk.

PayPal did not return requests for comment by press time. Curv declined to comment.

Read more: PayPal’s Crypto Products Coming to the UK in Months

“PayPal has made some great acquisitions in the past such as Vemno, and now they want to own something in crypto,” one of the sources told CoinDesk.

Curv has raised over $30 million to date, including a $23 million funding round in July.

PayPal partnered with New York-regulated Paxos to offer direct purchases of cryptocurrency for its millions of U.S. users. The payments giant said last month it would be bringing the crypto service to the U.K. soon.