PayPal Holdings Inc (NASDAQ: PYPL) is purchasing Curv, a technology firm, engaged in the secure storage of Bitcoin (CRYPTO: BTC) and other cryptocurrencies, CoinDesk reported Tuesday.
What Happened: Curv’s price tag was reportedly pegged at between $200 million and $300 million by local Israeli media, which did not name a buyer.
“PayPal is buying Curv for $500 million,” a person from within the digital asset custody space told CoinDesk.
Curv has raised $29.5 million in three funding rounds, as per Crunchbase. Investors include Franklin Templeton Investments, Team 8, and Coinbase Ventures.
Why It Matters: The Peter Thiel-co-founded PayPal turned to Curv after talks centered on acquiring BitGo fell through last year, noted CoinDesk.
Last month, PayPal said its vision also extends to central bank digital currencies as well.
Price Action: PayPal shares closed nearly 1.6% lower at $269.19 on Tuesday and rose 0.78% in the after-hours trading.
Photo, courtesy of PayPal
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