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PayPal drives further down the crypto drivewayINTL

PayPal drives further down the crypto driveway

PayPal (PYPL) keeps on cruising down the crypto highway with its latest acquisition deal. The online payments company is going to buy crypto-security firm Curv as part of its larger efforts to expand its crypto catalog. The deal is expected to close before June and the agreed-upon price is around $200m (if rumors are to be believed, that is).

Curv uses cryptography, which is the study of secure communications techniques, to keep customers’ digital assets safe. Given that PayPal already supports the buying and selling of cryptocurrencies, this will add an extra layer of security to its customers’ transactions — which is sensible as the crypto-industry becomes more and more mainstream.

why it matters
PayPal’s digital currency ambitions include working with central banks, and this deal places the tech giant one step closer to those goals while also enabling it to keep up with the younger, cooler kids in the FinTech industry.