The American payments giant PayPal is exploring the possibility of acquiring cryptocurrency companies, including Bitcoin custodian BitGo. This has been reported by Bloomberg, citing insider sources of the information.
The news comes just days after the company indicated that it is stepping into the world of cryptocurrency.
BitGo has been a pioneer American crypto firm that has secured broker-dealer approval, registration of transfer agents, trust company recognition, enabling it to offer custody and record-keeping among its many services.
Considering the fact that the method of PayPal’s new crypto initiatives will in fact make it a custodian, it seems obvious why is interested in BitGo.
“Negotiations may still be unfruitful, and PayPal could decide to buy another crypto company,” one of Bloomberg’s sources has shared.
The CEO of BitGo, Mike Belshe, has since declined to comment on the article. There has been no immediate confirmation of its contents by PayPal either.
