PayPal is in discussions to buy cryptocurrency storage upstart Curv, Bloomberg reported.
The discussions are in their nascent stages and might not end up leading to a deal, Bloomberg reported, citing an unnamed source.
Curv, which is headquartered in the Empire State, was established in 2018. The company says that dozens of clients harness its products, according to Bloomberg.
After it started to let clients buy, sell and keep some cryptocurrencies in its wallet, PayPal has been looking to grow its digital currency services, Bloomberg reported.
PayPal Holdings, Inc.’s stock was down about 1 per cent as of approximately 3:20 p.m. Eastern time Tuesday (March 2).
When PayPal announced in November that its 350 million users would be able to deposit bitcoin and other digital currencies in their accounts and spend it at 26 million merchants in 2021, it was seen as the inevitable advance of cryptocurrency, PYMNTS reported.
Ternio CEO Daniel Gouldman told PYMNTS that PayPal’s endorsement is a significant step in digital currency’s quest to go mainstream.
“PayPal has basically just said, ‘Hey, we’re going to open this up to everybody,’” Gouldman said. “Bitcoin is like a [crypto] 101 version. It’s made for Grandma, so no one — my kid, Grandma — can mess it up with PayPal.”
Even though Gouldman is the first to acknowledge that there are still many regulatory obstacles, consumer concerns and business uncertainties that have to be worked out, he said it just keeps the matter in the spotlight and on people’s minds. He said people are increasingly talking about the digital dollar, whether it’s on an individual level, in the nation’s capital, or among U.S. or European central bankers and watchdogs.
“I think ultimately, the digital dollar is going to become a thing, and that is going to allow for better, cheaper, faster payments,” he said. “It’s going to completely change the way we interact with money in a way that I don’t think we’re used to because we’re so used to banks.”