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The leading payment processor, PayPal, announced today that it has agreed to purchase the digital asset custody company, Curv. It said that it will complete the acquisition in the first quarter of the year.

Rumors Confirmed True As PayPal Acquire Curv

Reports surfaced last week that PayPal was planning to acquire cryptocurrency security firm, Curv. There were no concrete evidence to buttress the claims, but the leading payment giants have now made it official via a press release today.

The company’s decision to purchase Curv reaffirms its mandate to remain closely knitted to the digital asset space and become a major player in the rapidly changing financial world. According to the statement released on its website, PayPal said the rationale behind its latest acquisition is “to accelerate and expand its initiatives to support cryptocurrencies and digital assets.”

PayPal’s blockchain, crypto, and digital currencies vice president and general manager, Jose Fernandez da Ponte had a few words to say about the latest addition.

“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. During our conversations with Curv’s team, we’ve been impressed by their technical talent, entrepreneurial spirit, and the thinking behind the technology they’ve built in the last few years. We’re excited to welcome the Curv team to PayPal.”

Financial details of the transaction were not disclosed, but according to previous reports, PayPal may pay in the region of $500 million to acquire Curv. It said that the deal will be completed in the first quarter of the year.

(Read more)

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