PayPal Exploring Acquiring Crypto Companies, Already in Talks with Bitcoin Custodian BitGo

The talks with BitGo, which also provides trading, lending, and staking functions and has issued $1.5 billion WBTC is still in the early stage.

PayPal is now exploring acquisitions of crypto companies, including bitcoin custodian BitGo, reported Bloomberg.

This week, Paypal announcing support, buy, sell, and hold for cryptos has been the biggest news. The online payments company will also be soon allowing its customers to shop at its 26 million merchants within its network with digital currencies.

This led to a spike in bitcoins’ price past $13,000, a new 2020 high last seen in July last year, and the other three altcoins – Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), that are supported as well.

Now, PayPal is holding talks with BitGo, which are still in the early stage, and it could either be finalized within weeks or fall out as it is possible PayPal might opt to buy other targets.

BitGo basically helps investors store BTC securely. Besides custody, it also provides trading, lending, and staking functions. The company has also issued $1.5 billion worth of wrapped bitcoin (WBTC) on the Ethereum network.

Backed by investors like Goldman Sachs Group, Digital Currency Group, DRW, Craft Ventures, Galaxy Digital Ventures, Redpoint Ventures, Founders Fund, and Valor Equity Partners, BitGo raised $58.5 million in 2018 at a $170 million valuation.

The Palo Alto, California-based company, was founded in 2013 by CEO Mike Belshe and applied to New York regulators in August to become an independent, regulated qualified custodian under New York State Banking Law.

At the time of the crypto announcement, PayPal had said it would partner with the regulated crypto service provider and BitGo competitor Paxos Trust Company.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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