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PayPal purchases crypto custody firm Curv

The platform said it plans to complete the acquisition before the third quarter of 2021.
Payments giant PayPal has acquired Israel-based crypto custody firm Curv for an undisclosed amount.According to PayPal, the firm purchased Curv as part of its initiative to support cryptocurrencies and digital assets. The platform said it plans to complete the acquisition before the third quarter of 2021, but did not disclose the purchase amount. Israel-based media outlet Calcalist said last week Curv may have sold for between $200 million and $300 million, with CNBC reporting today that “the deal is worth less than $200 million.””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,” said Jose Fernandez da Ponte, a vice president and general manager with PayPal’s crypto and blockchain division. “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.”Many publications citing anonymous sources “familiar with the matter” broke the news of PayPal’s Curv acquisition earlier this month. However, some investors mistook the acquisition of the crypto custody firm with that of the native token of decentralized finance protocol Curve Finance. The price of Curve’s CRV token rose more than 10% to $2.60 within an hour of the news breaking, but has since fallen to $2.35. The Curv acquisition follows PayPal’s expansion into the crypto space. In October, the platform first announced …
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