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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.
PayPal is exploring purchases of cryptocurrency companies including bitcoin custodian BitGo, Bloomberg reported, citing people familiar with the matter.
STORY CONTINUES BELOW
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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.
Read more: Baby Steps or Handcuffs? Crypto Pros Assess PayPal’s Bitcoin Play
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
