PayPal Said to Be in Talks to Buy Crypto Firms Including BitGo: Bloomberg
The news comes a day after the payments giant confirmed it's entering the cryptocurrency market.
Oct 22, 2020 at 9:35 p.m. UTCUpdated Aug 19, 2021 at 5:14 a.m. UTC
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- The news comes a day after the payments giant announced it's entering the cryptocurrency market.
- BitGo was the first U.S. crypto firm to secure a broker-dealer approval, transfer agent registration and trust company recognition, allowing it to provide custody and record-keeping services.
- Given that the mechanics of PayPal's new crypto offering would in effect make it a custodian, it would explain the company's reported interest in BitGo.
- "Talks could still fall apart and PayPal could opt to buy other targets," Bloomberg quoted one of its sources as saying.
- BitGo CEO Mike Belshe declined to comment on the report. An email to PayPal requesting comment wasn't immediately answered.
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