PayPal’s involvement in the crypto world appears to have reached a point of no return. After in recent months, the electronic payments company announced its entry into the crypto asset market, offering a custody, purchase and sale service through its platform. However, it would now go a step further, when PayPal buys the cryptocurrency company Curv.
Cryptocurrencies and digital payments
The year 2020 was one of the most important for the development of the crypto world in its history. And it is that, it was during the past year, when large companies around the world began to put their eyes, seriously, on currencies such as Bitcoin or Ethereum. Overcoming to some extent the stigma that they had as worthless speculative assets.
This process of gradual acceptance of cryptocurrencies also occurred in large and small investors. Who began looking for ways to invest their money in cryptocurrencies quickly and safely. But while large investors have companies like Grayscale offering crypto asset purchasing services. For minority investors the process could be more cumbersome. That’s where PayPal comes in.
Thus, the digital payments company, seeing an increase in the demand for financial products related to cryptocurrencies, decided to enter this market. And it did so with the launch of a service for the purchase, sale, and custody of digital assets on its platform. With which its users in the United States have been able to acquire and save their BTC within PayPal. A service that the company seems to want to expand now with the purchase of Curv.
PayPal bets more on the crypto world
And, PayPal, confirmed this Monday that it had reached a purchase agreement for Curv. An Israeli company dedicated to offering digital infrastructure in the cloud to ensure the security of its customers’ cryptocurrencies. To which, the Vice President of PayPal and General Manager of Blockchain, cryptocurrencies and digital assets, José Fernández da Ponte stated:
«The Curv acquisition is part of our effort to invest in talent and technology to realize our vision of a more inclusive financial system. During our conversations with the Curv team, we have been impressed by their technical talent, entrepreneurial spirit, and the thinking behind the technology they have built over the years. We are delighted to welcome the Curv team to PayPal».
Although the details of the purchase agreement of the cryptocurrency company by PayPal are not yet known, it is expected that it will be completed during the first six months of this year. In what becomes one of the most important movements by the company to expand its services in the crypto market. Taking advantage of Curv’s expertise and partnerships with giants like eToro and FalconX.