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, 9:35 PM

Updated Aug 19, 2021, 5:14 AM

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PayPal is exploring purchases of cryptocurrency companies including bitcoin custodian BitGo, Bloomberg reported, citing people familiar with the matter.

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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Kevin Reynolds

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