Bloomberg reported on October 23 that Paypal is considering buying custodian BitGo, among other industry entities.
- Bloomberg’s sources told the outlet that Paypal was considering buying multiple companies, with BitGo being the most prominent company under examination
- BitGo is a cryptocurrency custodian and trading platform that serves institutional investors
- One of the sources told Bloomberg that "talks could still fall apart and PayPal could opt to buy other targets"
- PayPal announced that it would be supporting cryptocurrency payments from 2021 on October 21, the news of which had an immediate positive impact on Bitcoin’s price, which briefly crossed $13,000
- PayPal has partnered with Paxos to offer users the ability to buy, trade and eventually make payment with cryptocurrencies
- BitGo to use Chainlink’s Proof-of-Reserve to boost auditability of Wrapped Bitcoin