PayPal is going to acquire Curv, a company providing infrastructure for crypto security. The acquisition is a part of its initiatives to expand digital asset support. According to a press release, Curv will be joining PayPal’s unit specializing in blockchain and cryptocurrency.
The acquisition is predicted to finish in the first half of 2021. There was no mention of the financial details of the crypto security company acquisition in the press release. However, CNBC suggests the sum to be under $200 million. In October last year, PayPal launched a service that allows the company’s clients to use their accounts for holding, buying, and selling cryptocurrency.
It could still be a long way before cryptocurrencies reach mass adoption worldwide. Meanwhile, payment providers develop services allowing their clients to use crypto for making purchases. In addition, Citi bank suggested that Bitcoin’s decentralized nature, security, and neutrality, among its other characteristics, could push it closer to mainstream adoption.
Visa announced last month a pilot program of APIs that banks could use to offer Bitcoin banking services to their clients. Moreover, MasterCard is planning to support stablecoins on its network. Crypto exchanges also go into crypto payment technology, with Bitfinex recently introducing its Bitfinex Pay, and Binance launching Binance Pay.