payments giant PayPal has acquired Israeli-based cryptocurrency firm Corve for an undisclosed sum.
According to PayPal, the company purchased Corve as part of its initiative to support digital currencies and assets. The platform said it plans to complete the acquisition before the third quarter of 2021, but has not disclosed the amount of the purchase.
Israel-based media company Kalkalist said last week that Corve could have been sold for between $ 200 million and $ 300 million, CNB reported. CNN said Monday that the deal is worth less than $ 200 million.
“The acquisition of Corve is part of our effort to invest in talent and technology to fulfill our vision,” said José Fernández da Ponte, vice president and general manager of the cryptocurrency and blockchain division of PayPal. For a more inclusive financial system.
He continued by saying: During our conversations with the Corve team, we were touched by their technical talent, the entrepreneurial spirit and the thinking behind the technology they have built in the past few years.
Several posts citing anonymous sources familiar with the matter published the news of the Corve acquisition from PayPal earlier this month.
However, some investors mistakenly believed that the acquisition of the cryptocurrency custodian with the original token of the decentralized financing protocol Curve Finance.
the price of your Curve CRV token rose more than 10% to $ 2.60 within an hour of the news; But it has since fallen to $ 2.35, according to the Queen Telegraph.
PayPal's share price fell by more than 15% in March, from $ 273.63 to $ 230.57 at the start of Tuesday's session.
