In the exciting development for the crypto world, the payment giant PayPal has finally bought the rights to Curv, a crypto custody company. It all started with a small rumor mentioned in a tweet by Bloomberg Journalist Carol Massar. In her brief tweet, Massar mentioned the rumored dealings of PayPal. Shortly after this tweet, it was made official that PayPal is in the process of buying a crypto custody firm.
In the latest development regarding this rumor, PayPal has officially issued statements about the purchase of the governing rights of Curv last Tuesday. Curv was developed in 2018 by Israeli co-founders CEO Itay Malinger and CTO Dan Yadlin. PayPal had been in support of cryptocurrency trading since November 2020. However, this is the first solid step towards becoming a crypto service facilitator.
Why is PayPal Choosing Curv for Crypto Transfer Services?
The users of PayPal are looking forward to using Curv based on various reasons. This platform offers crypto traders an autonomic space and the ability to make transactions without having to deal through secret key complications or private signatures. This platform has the ability to support more than 200 types of tokens. The traders of ERC-20 would also be able to use this protocol for Ethereum trading.
Curv is deemed to be a safe place of crypto exchange because it is being insured by a German company, Munich RE. The platform has the capacity to provide users with coverage of up to $50 million dollars’ worth of digital assets. This volume is in line with PayPal’s plan to start serving UK-based customers.
PayPal to Further Invest in Crypto Companies
Curv platform had reportedly raised revenue of $23 million dollars in 2020. The integration of the major Defi Protocol compound has made its acquisition by PayPal more rewarding. The final quotes on Curv selling rights to PayPal are rumored to be somewhere between $200 and $500 million. However, in the initial stages, PayPal has decided to trade only in four selected cryptocurrencies, i.e., Bitcoin Cash, Bitcoin, Litecoin, and Ethereum.
Paypal executives have been giving positive vibes about investing in more digital currency platforms like BitGo and Curve. Since the year 2020, there have been statements supporting the willingness of supporting PayPal customers to trade digital currencies all over the world. For now, PayPal has only officially confirmed the acquisition of digital assets cloud-transfer protocol Curv.