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The deal is worth less than $200 million, a person familiar with the matter told CNBC. It’s expected to close in the first half of 2021. Shares of PayPal were down more than 1% Monday morning.
Founded in 2018, Curv provides companies with digital asset security technology that’s delivered as a cloud service. PayPal said the deal will help “accelerate and expand” its support of cryptocurrencies and digital assets.
The deal comes just a few months after the company affirmed its commitment to the fast-growing segment, saying in October the shift to tokens is “inevitable.” PayPal also recently created a new business unit focused on blockchain, crypto and digital currencies. Curv will join that newly formed group, PayPal said.
“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” Jose Fernandez da Ponte, PayPal vice president and general manager of blockchain, crypto and digital currencies, said in a statement.
— CNBC’s Kate Rooney contributed to this report.