The payments company said that the purchase, which is expected to close in the first half of 2021, will help "accelerate and expand its initiatives to support cryptocurrencies and digital assets."
"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," PayPal's VP Jose Fernandez da Ponte said in the press release.
"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. We’re excited to welcome the Curv team to PayPal" he said.
Curv co-founder and CEO Itay Malinger said, “Now, as the adoption of digital assets accelerates, we feel there’s no better home than PayPal to continue our journey of innovation.”
Curv is partnered with some notable crypto firms focused on Europe such as eToro and FalconX, suggesting PayPal is serious about spreading its crypto footprint outside the U.S., as well as offering a broader range of services.