Curve Finance is up nearly 30% in 24 hours after mistaking that PayPal acquired the company but it is actually Curv
On March 2, the cryptocurrency community got a stir when it was heard that PayPal acquired Curv, a technology firm that powers the secure storage of cryptocurrency. However, it seems that speculators have been rushing and eager to invest in Curve Finance (CRV) CRV tokens. While in essence, these are two completely different companies.
There’s no such thing as PayPal acquiring crypto depository firm Curve Finance (CRV)
It is known that Curv may have been sold for between $ 200 million and $ 300 million, acquired by PayPal. While there is no official information, some said PayPal turned its attention to Curv after negotiations to buy crypto exchange and custody company BitGo failed last year. PayPal provided $ 750 million in cash for BitGo.
PayPal did not return a request for comment at press time. Curv also declined to comment.
Some sources said:
“PayPal has made some great acquisitions in the past such as Vemno, and now they want to own something in crypto.”
Curv has raised more than $ 30 million to date, including a $ 23 million funding round in July. PayPal partnered with New York-managed Paxos to provide direct crypto purchases to millions of US users. Last month, the payments giant said it would be bringing the cryptocurrency service to the UK soon.
Also, within an hour after the news of PayPal acquiring Curve was announced, the CRV token increased by more than 10%, pushing the price from about $ 2.3 to $ 2.6.
Curve’s official Twitter account has also been mistakenly tagged in multiple posts commemorating the PayPal acquisition, to which Curve responded in an attempt to clear the confusion:
The correct account for that is @curvmpc, not us
— Curve Finance (@CurveFinance) March 2, 2021
CRV quickly reversed the momentum to return all profits when traders realized their mistake.
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