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PayPal Reportedly to Buy Digital-Asset Custody Tech Firm Curv

PayPal reportedly is buying digital-asset custody technology provider Curv, taking a deeper dive into cryptocurrency.
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PayPal  (PYPL) - Get PayPal Holdings Inc. Report reportedly is buying digital asset custodian Curv for $500 million, taking a deeper dive into cryptocurrency.

Three sources told CoinDesk news service that PayPal is “in the process” of purchasing Curv. “PayPal is buying Curv for $500 million,” a source from the digital asset custody space told CoinDesk. “From where I’m hearing it, I’m pretty sure it’s true.”

Israeli news outlet Calcalist reported Tuesday that an entity it didn’t name was buying Curv for $200 million to $300 million.

PayPal, the San Jose, Calif., payment-processing major, recently traded at $273.08, off 0.2%. It has more than doubled over the past year amid the explosion of e-commerce.

“PayPal has made some great acquisitions in the past such as Venmo, and now they want to own something in crypto,” one of the sources told CoinDesk.

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Last year, PayPal announced that all eligible PayPal account holders in the U.S. could buy, hold and sell cryptocurrency directly with PayPal. 

In February, the company said it would bring cryptocurrency trading to its popular Venmo app within months.

Morningstar analyst Brett Horn puts fair value for PayPal at $139. He’s bullish on the company short term but sees question marks long term.

“PayPal’s development of a network of merchant and consumers early in the evolution of online commerce has allowed the company to build and maintain an enviable competitive position,” he wrote last month.

“Longer term, though, the picture is less clear, and we see a mix of competitive opportunities and threats that create a fairly wide range of outcomes.”