Payments heavyweight Paypal has reportedly finalized the acquisition of crypto assets security company Curv from Israel, for an unspecified amount. 

Specifically, the initiative to acquire Curv is reportedly included in its overall plan to support crypto and digital assets. The platform disclosed it looks to complete all processes of the acquisition by the 3rd quarter of this year. 

“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. 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.” Jose Fernandez da Ponte, vice president and general manager of PayPal’s crypto and blockchain branch, reportedly remarked. 

The rumours surrounding PayPal buying Curv have reportedly been surfacing, generated by numerous publications inferring from sources “familiar with the matter”. Nonetheless, a few investors understood wrongly the crypto entity acquisition with that of the native token of DeFi protocol Curve Finance.

Curve’s CRV token reportedly experienced an increase of over 10% to $2.60 in under an hour, upon the break of the news, but has since dropped to $2.35.

The Curv acquisition is reportedly the next attempt of Paypal to establish its presence across the crypto sphere. In October last year, the platform reportedly announced that crypto has been added as a viable means of payment throughout any merchant in its network, starting 2021. At the moment, US-based citizens can utilize the payments platform for purchasing and selling crypto, but PayPal revealed that the services will soon be available in the UK.