PayPal has designs of purchasing the custody firm of Curv cryptocurrency– with their price estimate ranging from $200 to $500 million. The acquisition of Curv is going to be another feather in the cryptocurrency crown of PayPal- with them getting interested in quite a few cryptocurrencies.
PayPal Moves Further Into Crypto
The conglomerate dealing in payment processing has already enabled several purchases in its crypto in the last quarter of 2020. This was especially due to them raising the company’s buy limits from a sum of $10,000 to $15,000 last year- as a result of unforeseen demand. In a recent announcement, the company was planning to extend the purchasing capacity of its crypto interests- which would then be sold to Venmo users in the UK in the current year.
The crypto offered by the company will definitely be a lot limited- for users would definitely have no control over their private keys. This does make it pretty interesting to see what PayPal would use case for Curv- which is basically a custodian that would be handling the digital asset storage.
Just the previous year, Curv raised close to $23 million so that they could keep serving the institutional demand in place for Bitcoin. Curv comparatively had it simple- for they had several high-profile investors like Digital Currency Group and Coinbase Ventures. Curv was also integrated by Compound- a protocol for a major DeFi just the previous year. This does make this newest acquisition of PayPal quite an interesting player in the crypto market.
It should go without saying that the acquisition of Curv has generated massive interest in the entire crypto community. Most of the investors believe that they have accidentally purchased the wrong crypto while making haste. They came to this conclusion for PayPal’s acquisition of Curv has led to the CRV token seeing a major spike in price.