Bloomberg: PayPal Plans to Start Acquiring Cryptocurrency Companies Payment giant PayPal is planning to start buying cryptocurrency companies, Bloomberg reports, citing unnamed sources.

Bloomberg: PayPal Plans To Start Acquiring Cryptocurrency Companies

Payment giant PayPal plans to start buying cryptocurrency companies, Bloomberg reports, citing unnamed sources.

Crypto custody firm BitGo is named as a potential acquisition candidate. According to publication, negotiations are currently ongoing and may be completed in the coming weeks.

“Negotiations could still fail, and PayPal could abandon the deal for other purposes, the sources added,” Bloomberg writes..

BitGo is one of the most established players in the cryptocurrency space and, in addition to storage, provides primary brokerage and lending services. According to BitGo's own website, it became one of the first crypto companies to start serving institutional investors..

BitGo raised $ 58.5 million in 2018 with an estimated capitalization of $ 170 million. Investors include Goldman Sachs Group Inc., Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, Valor Equity Partners and Founders Fund. Nothing is known about the possible amount of a potential deal..

PayPal announced Wednesday that its US customers will soon be able to buy Bitcoin and other cryptocurrencies..

Bitcoin has climbed 15% in recent days and is trading at an annual high above $ 13,100 at time of publication.

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