PayPal has just recently acquired a recent cryptocurrency startup as the company follows the upward trend of more and more people being briefed regarding cryptocurrency. This push towards digital tokens also goes hand in hand with the increasing demand for platforms capable of sustaining cryptocurrency exchanges.
PayPal buys Curv
According to an article by Tech Crunch, PayPal has just acquired a particular cryptocurrency startup called Curv for maybe around $200 to $300 million. This particular deal will allow PayPal to grow its very own cryptocurrency team by bringing in Curv, a certain startup that is working with brokers, exchanges, and even over-the-counter desks in order to help their users be able to store cryptocurrency assets securely and even access their own wallets without the need of additional hardware.
The larger company is already reportedly supporting the buying and selling of cryptocurrencies. The company also states that it plans to launch a brand new range of crypto-related products in some other countries as well as in Venmo. The story was first reported by Calcalist which explained the whole acquisition process. It was also noted that the deal price was around $200 up to $300 million while some other source actually tells TechCrunch that the whole price was found to be quite less than $200 million.
Is PayPal good for Crypto?
PayPal's decision to acquire the cryptocurrency security firm Curv comes along with the company's desire to push into digital tokens. The intentions were announced this Monday on PRNewsWire that gave a clear description of not just what happened but also what the company had decided to do.
The deal was reportedly worth even less than a whopping $200 million which was according to another person that was familiar with the whole matter told CNBC. It is now expected to close somewhere during the first half of this 2021. Shares of PayPal were reportedly down by even more than 1% on Monday morning.
Can you use PayPal to buy Cryptocurrency?
Curv was reportedly founded back in 2018 and it reportedly provides companies with certain digital asset security technology that is being delivered as some sort of cloud service. PayPal also noted that the deal will be able to help "accelerate and expand" its very own support of cryptocurrencies as well as assets.
The deal reportedly comes just about a few months after the company had finally affirmed its personal commitment towards the fast-growing segment. It also said that in October, the shift towards tokens is actually "inevitable." PayPal has also recently created a new business unit that will specifically focus on crypto, blockchain, and even digital currencies. Curv will also reportedly join that newly formed group, according to PayPal.
Jose Fernandez da Ponte, the PayPal vice president and general manager of the crypto, blockchain, and even digital currencies gave a statement saying the whole acquisition of Curv is said to be part of their effort to invest directly in the talent as well as the technology in order to realize their vision for a much more inclusive financial system.
This article is owned by Tech Times
Written by Urian Buenconsejo