Bloomberg, citing its own sources, reports that payment giant PayPal is researching the market in search of a cryptocurrency company to buy.
According to sources of the publication, negotiations are now underway between the payment company and the custodian firm BitGo. The amount offered for BitGo is not yet known, but the company is estimated at $ 170 million.
“Negotiations are only in the early stages, and PayPal may well switch to another firm,” Bloomberg writes.
PayPal representatives declined to comment on this information, saying they would not “comment on rumors and speculation.” However, the acquisition of BitGo would be a very logical step for PayPal.
The company recently announced the imminent support for cryptocurrencies on its platform and Venmo app. In such a case, BitGo’s experience in storing digital assets will be very useful. Additionally, PayPal could launch its own stablecoin and BitGo solutions could be used for PayPal’s crypto ecosystem.