Report: PayPal is looking to acquire crypto companies, BitGo named as potential target
October 22, 2020, 5:29PM EDT
1 min read
A new report from Bloomberg indicates that payments giant PayPal is shopping for potential crypto company acquisitions.
Crypto services firm BitGo was named in the outlet's report, which characterized the talks as ongoing and cited unnamed people familiar with the matter. Though a full article link was not available at press time, the text is available on Bloomberg's Terminal service and Bloomberg anchor Carol Massar tweeted out its headline. (Update: Bloomberg's full story is now available on its site.)
"Talks could still fall apart and PayPal could opt to buy other targets, the people added," according to Bloomberg's report.
BitGo declined comment when reached. When reached for comment, PayPal told The Block: "We do not comment on rumors or speculation."
BitGo would represent a notable acquisition for PayPal, given its long-running custody business and foray into the prime brokerage business, as recently reported by The Block. BitGo unveiled a lending business line in the spring.
PayPal, of course, made waves this week when it announced a long-rumored move into crypto services in partnership with industry startup Paxos. PayPal will allow users to hold and buy cryptocurrencies, including bitcoin.