The platform said it aims to complete the acquisition in the third quarter of 2021
Payments giant PayPal has bought Israeli company Curv for an undisclosed sum.
PayPal said Curv was bought as part of its plans to support cryptocurrencies and digital assets. The platform said it plans to complete the acquisition before the third quarter of 2021. However, it did not specify the Bitcoin Hero amount for the acquisition. Israeli media outlet Calcalist said last week that Curv may have been sold for $200 million to $300 million. CNBC reported on Monday that „the deal is worth less than US$200 million“.
„The acquisition of Curv came as part of our efforts to invest in professionals and the technology to realise our vision for a more inclusive financial system,“ said Jose Fernandez da Ponte, vice president and general manager of PayPal’s crypto and blockchain division. „In our conversations with the team at Curv, we’ve been impressed by their technical expertise, entrepreneurial spirit and the thinking behind the technology they’ve developed over the past few years.“
Many publications broke the news of Curv’s acquisition by PayPal earlier this month
However, some investors confused the crypto firm’s acquisition with the native token of decentralised finance protocol Curve Finance. The price of the Curve token CRV rose more than 10 per cent to US$2.60 within an hour of the news breaking, but has since fallen to US$2.35.
The Curv acquisition was preceded by PayPal’s entry into the crypto space. In October 2020, the platform first announced that its customers would be able to use cryptocurrencies to make purchases from any merchant in its network from 2021. US citizens can currently use the payment platform to buy and sell crypto. PayPal said in response that the service will soon be offered in the UK.
PayPal’s share price fell more than 15 per cent in March, from $273.63 to $230.57.