Just two days after announcing support for top cryptocurrencies, PayPal is now rumored to acquire crypto custodian BitGo.
PayPal to Buy BitGo For Undisclosed Amount
According to Bloomberg, the Bitcoin custodian is just one of several crypto-centric companies the payments platform is looking to acquire.
Those familiar with the ongoing negotiations have reported that the deal is far from concluded, however.
*PAYPAL SAID TO BE IN TALKS TO BUY CRYPTO FIRMS INCLUDING BITGO
— Carol Massar (@carolmassar) October 22, 2020
BitGo is one of the crypto industry’s first institutional-focused platforms, offering clients customized custodial services for their Bitcoin. The interest is not unfounded, as PayPal will also need a premium custodian service to support its latest crypto features.
BitGo currently serves various major cryptocurrency companies, including Binance, Coinbase, Nexo, and more.