PayPal’s Crypto Transfer & Custody Provider Acquisition is “Insanely Bullish”
While the payment giant’s deal with Curv is bullish for digital assets’ payment use case, the DeFi token CRV pumped in the efficient-market hypothesis.
PayPal Holdings is in talks to make a massive acquisition in the form of digital currency custody provider Curv. The acquisition discussion is in an early phase and could still fall apart. Su Zhu, Chief Executive Officer and Chief Investment Officer at Three Arrows Capital said,
“Massive acquisition and likely entry into meta-custody by PayPal Insanely bullish for payments use case of crypto and esp secure DeFi wallet interactions.”
New York-based startup was founded in 2018. According to Curv, dozens of customers, including the investment firm Franklin Templeton are using their products.
The payment giant has been looking to expand its cryptocurrency offerings after it started allowing its customers to buy, sell, and hold a limited number of digital currencies in its wallet in October last year.
PayPal plans to add the same capabilities to its Venmo wallet in the coming months.
While the news failed to push PPL shares higher, the DeFi token CRV pumped on mistaken identity. Trader and economist Alex Kruger commented on the CRV pump,
“The efficient-market hypothesis is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to “beat the market” consistently since market prices should only react to new information.”
The price of DEX token CRV soared about 20% and is currently trading at $2.37, up 283% YTD. CRV -0.94% Curve DAO Token / USD CRVUSD $ 3.00
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