PayPal is in early-stage talks to buy crypto asset security firm Curv for half a billion, reports say

Paypal


PayPal is holding early-stage discussions to acquire cryptocurrency custody firm Curv, Bloomberg reported on Tuesday.

The deal could be worth as much as $US500 ($641) million, according to CoinDesk. Discussions could still fall apart as there’s no guarantee of a deal yet.

US-Israeli startup Curv provides security infrastructure for digital assets. Founded in 2018, the firm is based in New York and has research and development offices in Tel Aviv.

PayPal has been seeking to capitalize on increasing interest in digital currencies ever since it opened its services to buy, hold, and sell cryptocurrencies late last year. The company’s venture capital arm on Tuesday revealed a stake in TaxBit, a crypto tax and accounting automation software firm. 

PayPal’s CFO John Rainey said last month that the company would be unlikely to invest cash in cryptocurrencies. It would rather spend on assets that complement services it currently provides, he said.

PayPal and Curv declined to comment on a potential deal.

Shares in PayPal fell 4% to $US10.43 ($13) per share as of 10:23 a.m. ET on Wednesday.