PayPal to Buy Crypto Custody Firm Curv: Sources

One source tells CoinDesk that Curv could be sold for as much as $500 million.

AccessTimeIconMar 2, 2021 at 3:55 p.m. UTC
Updated May 9, 2023 at 3:16 a.m. UTC

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.

“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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.