Media: PayPal Considers Purchasing Custodian Of BitGo

Media: PayPal Considers Purchasing Custodian Of BitGo

  • Payment giant may acquire BitGo in the coming weeks

  • The amount of the transaction remains unknown

  • In 2018, a cryptocurrency startup was valued at $ 170 million

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Payment giant PayPal is exploring the possibility of acquiring cryptocurrency custodian BitGo as part of supporting cryptocurrencies

Media: PayPal Considers Purchase of BitGo Custodian

American financial services provider PayPal is exploring the possibility of acquiring crypto-focused companies, including BitGo. Bloomberg reports, citing sources close to the company. According to anonymous sources, PayPal is actively negotiating with BitGo, and may close a deal within a few weeks.

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The potential purchase price of BitGo remains unknown, but according to the PitchBook service, BitGo raised $ 58.5 million in 2018 with an estimate of $ 170 million. Representatives of BitGo and PayPal have not yet commented on the possible deal.

BitGo Custodian was founded in California in 2013. The company is focused on providing services for the storage of cryptocurrencies in digital wallets with multi-signatures, as well as offline storage.

Largest for clones

Media: PayPal Considers Purchasing Custodian Of BitGo

BitGo is also the main repository of all ERC-20 Wrapped Bitcoin (wBTC) tokens pegged at a price of 1: 1 to the original bitcoin. Recall that the capitalization of bitcoin clones in the Etehreum network has already exceeded the $ 1.5 billion mark..

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The payment giant’s announcement was almost immediately reflected in the growth of the cryptocurrency market, whose capitalization has grown to $ 392 billion at the time of writing. How the appearance of PayPal will affect the digital financial assets market in the future, read the special editorial material.

At the time of this writing, the price of bitcoin in the BTC / USDT pair is $ 12,890.

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