PayPal to acquire cryptocurrency start-up Curv suggesting shoppers could soon pay with digital currency

PayPal has announced plans to acquire cryptocurrency security firm Curv in a move which suggests the payment giant could soon allow customers to pay using digital currency.

According to Decrypt, which first reported the deal, PayPal has been in talks with Curv for almost a year and is understood to have offered $200 million to acquire it.

PayPal will reportedly absorb Tel-Aviv-based Curv’s team into its own cryptocurrency group and its founder Itay Malinger will remain at PayPal.

READ MORE: PayPal launches “buy now, pay later” scheme in the UK for items up to £2000

“During our conversations with Curv’s team, we’ve been impressed by their technical talent, entrepreneurial spirit, and the thinking behind the technology they’ve built in the last few years,” PayPal’s general manager blockchain, crypto and digital currencies Jose Fernandez da Ponte said.

“We’re excited to welcome the Curv team to PayPal”.

It comes as PayPal continues to explore the emerging digital payments sector, recently partnering with Paxos to allow its US users to buy, hold and sell cryptocurrencies using their PayPal account.

While customers can not currently use cryptocurrency to make purchases, its latest acquisition suggests this is likely not far away.

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