PayPal plans to begin to buy cryptocurrency companies, Bloomberg has reported citing several sources.
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One of the companies the payment giant could acquire is the crypto exchange BitGo. According to the sources, PayPal is already in talks with the company and the deal could be closed in the coming weeks. Bloomberg has reported:
"Talks could still fall apart and PayPal could opt to buy other targets."
BitGo is one of the most important players in the crypto industry. In addition to crypto custody, the exchange also offers brokerage and lending services.
BitGo raised $58.5M back in 2018 with an estimated capitalization of $170M. The most prominent investors who took part in the funding round were Goldman Sachs Group Inc, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, Valor Equity Partners and Founders Fund.
PayPal recently announced its US customers will soon be able to buy and sell Bitcoin and other cryptocurrencies directly from their accounts.