PayPal ( PYPL Quick Quote PYPL - Free Report) is leaving no stone unturned to bolster its presence in the cryptocurrency market. This is evident from its latest announcement regarding the Curv buyout. PayPal has agreed to acquire Curv, which is a Tel Aviv-based digital asset security technology provider, in a bid to bolster its cryptocurrency efforts. Notably, the underlined buyout is expected to be completed by the first half of 2021. Post-acquisition, Curve will join PayPal’s newly created business unit dedicated to blockchain, cryptocurrency and digital currencies. The latest move ups PayPal’s ante against its strong contender — Square ( SQ Quick Quote SQ - Free Report) — which is also putting strong efforts to expand its footprint in the bitcoin space. Intensifying Competition
Like PayPal, Square remains a noteworthy player in the cryptocurrency market. Since then, bitcoin trading has been driving growth in the company’s user base. Moreover, bitcoin revenues have turned out to be the key catalyst behind the company’s top-line growth.
Square is continuously gaining from the increasing uptake of Cash App, and strong customer demand and growth in bitcoin activities. Apart from Square, PayPal’s Curv acquisition will likely strengthen its competitive position against the likes of Overstock.com ( OSTK Quick Quote OSTK - Free Report) and JP Morgan Chase & Co. ( JPM Quick Quote JPM - Free Report) — which are also making concerted efforts to rapidly penetrate the booming cryptocurrency market. PayPal’s Growing Efforts
Nevertheless, PayPal’s aggressive stance will likely continue to provide it a competitive edge over others.
The company’s partnerships with three major bitcoin payment processors — BitPay, GoCoin and Coinbase— remain major positives. Further, the launch of a service, which that allows PayPal’s customers to buy, hold and sell cryptocurrency directly from their PayPal account, remains noteworthy. Furthermore, the company has announced its intentions to enable cryptocurrency as a funding source across its 26 million merchants worldwide. We believe that PayPal’s deepening focus toward bolstering cryptocurrency offerings will aid it in rapidly penetrating the booming cryptocurrency market, which, per a report from Fortune Business Insights, is expected to hit $1.8 billion in 2027 by witnessing a CAGR of 11.2% between 2020 and 2027. Currently, PayPal carries a Zacks Rank #3 (Hold). You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Breakout Biotech Stocks with Triple-Digit Profit Potential
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