PayPal Might Be Buying Crypto Firms

By Abhimanyu Krishnan | News | 23 Oct 2020

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

Related Reading:

  • BitGo to use Chainlink’s Proof-of-Reserve to boost auditability of Wrapped Bitcoin

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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