PayPal Talks to Buy Crypto Firm BitGo Have Ended, Other Targets Eyed: Report

Shortly after it was revealed PayPal will launch crypto payments in 2021, rumors are circulating that the payments giant is looking to purchase a digital asset custodian. Global payments firm PayPal is looking to acquire a crypto asset custody firm, with a report published by Bloomberg on Oct. 23 claiming the company is currently in talks with BitGo Inc.Anonymous sources cited in the report claimed that the two companies may reach an agreement within a matter of weeks. BitGo is a multi-signature custodian that was founded in 2013. In 2018 the company raised $15 million in a round led by....

The news comes a day after the payments giant confirmed it's entering the cryptocurrency market.

ALSO: PayPal is said to be in talks to purchase cryptocurrency firms including BitGo. What does that mean for crypto?

Bitgo’s assets under custody have surpassed $16 billion. The company says it is seeing “unprecedented interest from institutional investors,” resulting from the economic impact of the coronavirus pandemic and the recent bitcoin bull run. Paypal was also rumored to be in acquisition talks with the company. $16 Billion in Cryptocurrencies Under Custody Bitgo announced Wednesday that it has hit a new milestone of more than $16 billion in digital assets under custody. The company noted that the achievement further validates institutional investor interest in cryptocurrency,....

On Wednesday, PayPal shocked the crypto industry when it revealed that it would be directly supporting digital assets by adding the ability to purchase and sell Bitcoin, Ethereum, and other altcoins. The announcement also indicated that the firm would be supporting cryptocurrency payments between its merchants and the retail users it supports. New reports indicate […]