Payment giant PayPal has confirmed plans to acquire crypto storage infrastructure provider Curv. This is expressed in a news release from the firm.
PayPal expects to complete the deal in the first half of 2021. Its terms were not disclosed. The company said the agreements reached will accelerate and expand PayPal’s cryptocurrency and digital asset initiatives.
In July 2020, Curv raised $ 23 million in a Series A funding round from Commerzbank Group, Coinbase Ventures and Digital Currency Group. In October, yet another circle of Curv funding had taken place, guided by investment firm Franklin Templeton.
PayPal’s plans to buy an infrastructure provider for storing digital assets became known in early March. According to various estimates, the deal amounts to $ 200 million to $ 500 million.
Earlier, Fortune sources said the payment giant had pulled out of a deal to acquire crypto custody service BitGo. On Nov 11-2020, PayPal started the acquisition together with selling of BTC for USA customers.
In January 2021, the company recorded a record volume of cryptocurrency trading on the platform – users conducted transactions for $ 242 million.