The cryptocurrency space continues to get the attention of many outside the space as its popularity continues to increase. Many technology companies, financial firms, and investment outfits continue to flirt around the space in a bid to get involved in the booming market. However, payment giants- PayPal is one of the few outsiders who have gotten involved in the space by acquiring Curv for $300 million, a popular crypto custodian.
However, in a twist of fate, PayPal’s new purchase has suddenly influenced the price of CRV, an unrelated token. The CRV token had witnessed a record-breaking purchase by investors in the last 24hours, as the token price had also increased by 35%.
PayPal is finally getting involved in the crypto space
PayPal’s acquisition of Curv, which was recently announced, had shown that the payment giants are not making light of their involvement in the cryptocurrency space. The payment giants have been believed to be trying to get into the booming space for a while, and now they can take their chances. The integration of Curv into a rival DeFi Protocol- Compound, last year, is now set to thwart any new development into space.
However, what is most surprising in the new acquisition is that investors are rushing to buy Curve DAO token (CRV), mistaken it to be PayPal’s acquired Curv token. The rush towards CRV has now led to the token gaining more than 35%, barely a day after the announcement. The CRV token price before the announcement was at about $2.28, amidst a drop of 4% the previous day. Fortunately for the holders, the token is now trading at about $2.9, representing a rise of more than 40% in today’s prices. The circumstance has also increased the market cap of CRV by more than 18% in the last 24hours to about $508,904,869 as of today.
The crypto community has high hopes for PayPal
PayPal, Curv, and CRV’s situation looks like one that happened recently with Tesla’s CEO Elon Musk. The billionaire, known recently for pumping the price of Bitcoin and dogecoin with his tweets on Twitter, had asked his followers to use Signal, a private messaging app. Surprisingly, many of his followers flocked to the Signal token, thereby hiking the token by more than 1000% in barely 24hours. However, while CRV is reacting to the news, PayPal’s stocks have also risen after the news. The involvement of PayPal in Cryptocurrency has been met with much applause in the space.
Many crypto analysts believe that the payment giant’s involvement will bring more success to space. The expectations of many in the space from PayPal will be to develop an innovative platform that will allow seamless transactions between fiat currencies and cryptocurrencies. However, PayPal is yet to confirm what they will be bringing on board, but the crypto community’s expectations are high at the moment.