Reports currently stated that after PayPal’s recent announcement about integrating the bitcoin buy-and-sell feature, the company is now interested in buying more cryptocurrency companies.
The company that was specifically mentioned was BitGo, a company that is providing digital asset custody in form of cold-storage vaults and multi-signature digital wallets. The digital payments giant has announced recently that it will begin to allow the users to buy and sell Bitcoin, Bitcoin Cash, Ethereum, and Litecoin on the platform, although when the feature begins its launch, it will not allow the customers to extract their funds into their wallets.
It seems likely that PayPal looks to go for BitGo. The Silicon Valley-based company is geared towards the storage and custody for institutional clients, and not individuals. After spending years on crypto’s sidelines, PayPal is moving way too faster. A part of an announcement yesterday, the company had expounded its partnership with the Paxos Crypto Brokerage that advertises itself as “the trusted way to add crypto to your application.”
Adding to BitGo, it can provide further evidence that it is ready to play, something the market appears in approval of. The price of Bitcoin went to $13,000 yesterday and 24 hours after, it topped $12,000. On the other hand, neither PayPal nor BitGo has specified if the reports are accurate.