PayPal Acquires Cryptocurrency Custodian for $500M: Report
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PayPal has acquired a cryptocurrency custodian called Curv for approximately $500 million, CoinDesk reports, citing a person familiar with the matter. At the same time, Israeli news outlet Calcalist reported that Curv was being purchased for $200-$300 million. PayPal did not comment on the case.

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The cryptocurrency custodian is known as the pioneer to integrate MetaMask's institutional-grade infrastructure for connecting to decentralized finance (DeFi) market. Last week, the custodian entered into a partnership with the IOTA Foundation to expand the IOTA Token Ecosystem. With IOTA's planned Chrysalis network upgrade, Curv plans to become the first multi-party computation (MPC) custody service, which incorporated IOTA.

PayPal to Create New Division Focused on Digital Assets

PayPal's presumable purchase comes after the digital payments platform terminated acquisition talks with a bitcoin-focused custodian BitGo in December 2020. While the reason remains unknown, BitGo CEO, Mike Belshe, said that the custodian was not profitable, as it was in "growth mode."

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