Curve Finance is up nearly 30% in 24 hours after traders rallied into the wrong market in response to news that PayPal is in the process of buying the crypto custodian, Curv.
“PayPal has made several major acquisitions in the past, such as Venmo. Now the company intends to own something related to the crypt, ”- one of the sources familiar with the matter said.
PayPal Bids $500 Million to Buy Curv
The transaction amount, according to various estimates, ranges from $200 million to $500 million. Another source noted that the company made the decision to acquire Curv after last year’s failure to negotiate with custodian BitGo.
Within an hour of the news breaking, Curve’s CRV token had rallied by more than 10% as opportunistic traders raced each other to enter the markets — pushing prices up from roughly $2.30 to $2.60.
Last July, Curv raised $23 million in a Series A funding round from Commerzbank Group, Coinbase Ventures and Digital Currency Group.
In October , an additional round of Curv financing took place, led by investment giant Franklin Templeton.
As a reminder, in November, PayPal launched the purchase and sale of bitcoin for US customers.
In February, the company said it was not considering placing reserves in the first cryptocurrency.
Think we missed something? Let us know in the comment section below.