PayPal Holdings Inc is reportedly in the process of buying crypto custody firm Curv. According to three anonymous sources, Curv was pegged between $200 million and $300 million to an unnamed buyer.
PayPal Looks to Curv Following BitGo’s Acquisition Drop
PayPal shocked the world following its announcement of offering cryptocurrency services to its users in late October, becoming the latest large financial services provider to show an interest in the crypto space.
To launch the feature, PayPal partnered with Paxos’s iBit trading exchange, resulting in a 500% spike in trading volumes thereafter in November. Just last month, the payment company expressed its eagerness to extend its services to central bank digital currencies as well.
PayPal turned its attention to Curv after talks to buy crypto custody and trading firm BitGo didn’t make it last year.
Curv deals in the secured storage of Bitcoin and other cryptocurrencies. The firm has raised over $30 million to date, including a $23 million funding round in July. Its investors include Franklin Templeton Investments, Team 8, and Coinbase Ventures.
Curv Involves in Securing Digital Assets
Curv was founded in 2018 within the Team8 venture group by CEO Itay Malinger and CTO Dan Yadlin. The Founder of Team8 Nadav Zafrir serves as Curv’s chairman.
This will be Team8’s third exit after it sold Sygnia to Singapore-based Temasek for $250 million in 2018 and Portshift Software Technologies Ltd to Cisco, for $100 million last year.
Cuv has developed an encryption technology based on multi-party computing, which secures digital assets. This enables the assets for safe transfer, storage, or management on any distributed ledger.
The company’s prime solution includes that an individual’s private key should never exist in one location. Instead, it should be distributed between the customer’s cold wallet and their cloud services. This removes the risks in keeping assets safe in just one location, be it virtually or physically.