Payments giant PayPal has acquired Israel-based digital asset security firm Curv for an undisclosed amount.

According to PayPal, the firm purchased Curv as office of its initiative to support cryptocurrencies and digital assets. The platform said it plans to complete the acquisition before the third quarter of 2021, but did not disclose the purchase amount. Israel-based media outlet Calcalist said last week that Curv may have sold for betwixt $200 1000000 and $300 1000000, with CNBC reporting on Monday that "The deal is worth less than $200 million."

"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," said Jose Fernandez da Ponte, vice president and full general manager of PayPal's crypto and blockchain division. "During our conversations with Curv'southward team, we've been impressed by their technical talent, entrepreneurial spirit, and the thinking backside the technology they've built in the last few years."

Many publications citing anonymous sources "familiar with the matter" broke the news of PayPal's Curv acquisition earlier this month. Yet, some investors mistook the conquering of the crypto firm with that of the native token of decentralized finance protocol Curve Finance. The cost of Bend's CRV token rose more than ten% to $ii.sixty inside an hr of the news breaking but has since fallen to $2.35.

The Curv acquisition follows PayPal's expansion into the crypto space. In Oct 2020, the platform first appear that its customers would be able to use cryptocurrencies to store at whatever merchant in its network beginning in 2021. Residents of the United States tin can currently use the payments platform for ownership and selling crypto, but PayPal said it would shortly be expanding these services to the United kingdom.

The cost of PayPal's stock has fallen more than than fifteen% in March, from $273.63 to $230.57 at the time of publication.

Cointelegraph reached out to both PayPal and Curv for comment but did not receive a response at the fourth dimension of publication.