PayPal is looking to expand its cryptocurrency services with a possible purchase of crypto custody firm Curv.
PayPal only recently embraced cryptocurrency, making it possible for users to buy, sell and hold it in November 2019. Since that time, however, crypto has seen more mainstream adoption, with Tesla purchasing $1.5 billion in bitcoin, and other companies looking at similar options.
Curv was founded in 2018, and specializes in helping companies transfer and hold various digital currencies, making it an ideal candidate for PayPal’s crypto goals.
According to CoinDesk, the report could be worth $500 million.
“PayPal is buying Curv for $500 million,” a source told CoinDesk on Monday. “From where I’m hearing it, I’m pretty sure it’s true.”
If the deal goes through, it could help make PayPal a powerhouse in the crypto market.