Crypto: will bitGo be the new acquisition of PayPal?

PayPal's interest in the world of cryptocurrencies is no longer a mystery: first the integration with the bitFlyer exchange, then the announcement concerning the possibility of managing virtual currencies from your mobile application. Now another piece seems to be able to soon add to the puzzle, that relating to the possible acquisition of BitGo.

Cryptocurrencies: PayPal thinks about the acquisition of BitGo

Founded in 2012 by CEO Mike Belshe, opera on the crypto market as a custody provider, currently addressing its offer exclusively to institutional clients. In other words, it proposes advanced solutions to secure Bitcoin and other assets, also leveraging technologies and systems with an offline nature.

The rumor about the possible acquisition has circulated on the Bloomberg pages citing sources remained anonymous, but believed to be aware of the negotiation that could reach a positive conclusion within the next few weeks thus leading to an official announcement.

We recall that PayPal was one of the founding members of the Association put together by Facebook to work on Libra project (coming out shortly thereafter), presented in mid-2019 with the declared aim of revolutionizing the global economy, then heavily downsized to become something similar to a payment system similar to PayPal.

The second quarter of this battered 2020 was a record for the group, reaching 21 million new users in three months. A trend triggered by the explosion of remote shopping and the growth of digital payments, in turn linked to the health crisis.

Source: Bloomberg