Does It Make Sense For PayPal To Start Acquiring Crypto Companies Like BitGo?
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Everyone has by now heard about the news that a PayPal is getting further involved in crypto in 2021.
The excitement that such a big conglomerate payments network would get involved with a nascent industry such as blockchain and crypto is very exciting and as a result of the news going viral, rumours started to circulate in regards to the company exploring crypto-focused companies for purchasing. This included the crypto custodian, BitGo.
The rumours that PayPal is going to buyout BitGo came from a report from Bloomberg and even though there isn’t a specified amount that has been revealed to the public but on the table, it is exciting to see such a big company get involved with a crypto-related business.
For those that don’t know, the crypto custodian is backed by the institution Goldman Sachs which is one of the biggest custody providers for cryptocurrency in the world.
In the announcement last week as people will be getting further involved in cryptocurrency, it also revealed that the company would be getting more teaming up with the digital asset services provider, Paxos. The reason for this partnership is that it will help its crypto venture in the future.
The interest that people have in the crypto custodian makes sense as it recently announced that it would start allowing it’s 346 million customers to buy, sell and hold numerous cryptocurrencies including bitcoin cash and the leading cryptocurrency.
With this in mind, it will need the services of a critical study and like BitGo to help support its new offering.