PayPal & Crypto
After rumours have circulated since June, PayPal finally confirmed that they will be allowing their users to buy, sell, hold and shop with cryptocurrencies. This news was greeted with open arms by the community and Bitcoin itself as it went on a $1,000 rally in a single day.
Acquiring Crypto Companies
As soon as they big news was out of the way, it was said that PayPal was shopping around and looking to buy crypto companies. One firm name that was thrown was BitGo. A company that facilitates secure storage of crypto-assets.
Two years ago, the company was valued at $170 million, a figure that very likely increased significantly since then. It’s backed by very well-known and prominent investors including Goldman Sachs.
Right now, the company facilitating PayPal’s new venture into cryptocurrencies is Paxos, a competitor to BitGo. Acquiring BitGo would be a serious step from PayPal and a sign that they are taking this novel asset class, the demand and security very seriously.