Payment giant PayPal has bought Israeli digital asset insurance company Curv for an undisclosed amount.
According to PayPal, the company acquired Curv as part of its initiative to support cryptocurrencies and digital assets. The platform said it plans to complete the acquisition by the third quarter of 2021, but did not disclose the purchase price. The Israeli media company Kalkalist said last week that Curv could have sold between 200 and 300 million dollars, and CNBC reported on Monday that “the agreement is worth less than 200 million dollars.”
“The Curv acquisition is part of our effort to invest in talent and technology to realize our vision for a more inclusive financial system,” said Jose Fernandez da Ponte, vice president and general manager of crypto and blockchain at PayPal. “During our conversations with the Curv team, we were touched by their technical talent, entrepreneurial spirit and mindset behind the technologies they have created in recent years.”
Several posts, citing anonymous “knowledgeable” sources, reported the purchase of Curv from PayPal earlier this month. However, some investors erred in the Curve Finance crypto company decentralized financial protocol token. Curve’s CRV token price rose more than 10% to $ 2.60 within an hour of the press release, but has since fallen to $ 2.35.
The Curv acquisition follows the PayPal extension to the crypto space. In October 2020, the platform announced for the first time that customers will be able to use cryptocurrencies to buy from any vendor in their network, starting in 2021. US citizens can currently use the payment platform to buy and sell cryptocurrencies, but PayPal said it will soon expand these services to the UK.
The PayPal stock price fell more than 15% in March from $ 273.63 to $ 230.57 at the time of publication.