The payments company PayPal is considering options to acquire cryptocurrency firms to expand its product lineup. Among them is the custodian BitGo, Bloomberg reports, citing familiar sources.<\/p>\n
The deal could take place within the coming weeks. The publication notes that if talks break down, PayPal could redirect its attention to another company in the industry.<\/p>\n
Both companies did not comment on the report.<\/p>\n
According to Crunchbase<\/a>, as of April 1, 2019, after five rounds of funding BitGo had raised $69.5 million. This figure excludes undisclosed data.<\/p>\n Among BitGo’s investors are Goldman Sachs, Digital Currency Group and Galaxy Digital Ventures.<\/p>\n BitGo set out to transform into a prime broker. To that end, the custodian solutions provider launched a platform that combines trading, lending and custody of digital assets.<\/p>\n In July, BitGo integrated tools into its wallets to meet FATF’s anti-money-laundering requirements.<\/p>\n In February, as part of its global expansion, BitGo opened offices in Switzerland and Germany, and in May launched in India.<\/p>\n CoinShares’ Chief Growth Officer Meltem Demirors, on CNBC, suggested that one of PayPal’s next steps in the digital asset space could be the launch of its own cryptocurrency.<\/p>\n $PYPL<\/a> is cashing out on crypto. Coinshares\u2019 @Melt_Dem<\/a> says this is how the move could impact Bitcoin and future of fintech. $BTC<\/a> pic.twitter.com\/0Zbm9TgoMF<\/a><\/p>\n \u2014 CNBC\u2019s Fast Money (@CNBCFastMoney) October 21, 2020<\/a><\/p>\n<\/blockquote>\n\n