Cryptocurrency is being pushed for online uses and purposes. But very few online digital transaction providers offer the usage of Cryptocurrency. Almost none of the digital payment providers offer crypto transactions.
However, the payment giant PayPal now intends to offer cryptocurrency services to its customers.
PayPal is reportedly holding talks on a possible acquisition BitGo. BitGo is an enterprise cryptocurrency wallet that also provides custodial service. The startup also offers crypto mining and transactions.
BitGo also offers enterprise-grade multiuser cryptocurrency wallets along with an application programming interface to access its security platform. Its wallets are multi-signature, requiring a transaction to have two or more signatures before being executed.
The company is even involved in security, compliance, and custodial solutions for blockchain-based currency operations.
According to sources, the potential price that PayPal needs to bid to complete the acquisition will at least be more than $170 million. Now that the cryptocurrency markets are growing more popular, with many traditional investors and corporations realizing the importance of crypto transactions, the acquisition’s bid is still expected to increase.
However, BitGo is not just any individually sponsored organization; instead, the crypto service provider has investors such as Goldman Sachs, Galaxy Digital Ventures, Valor Equity Partners, Craft Ventures, DRW, and Redpoint Ventures. The organization is the primary service provider to crypto companies like Binance, Coinbase, and Nexo.
According to sources, PayPal is not just eyeing to acquire BitGo alone. Reports indicate that the digital payment giant is looking to purchase even more crypto service providers to expand its cryptocurrency service to its broad customer base. The move comes amid increasing cyber crimes, and acquiring more than one crypto service provider will increase PayPal’s chances of thwarting any threats towards its crypto market.
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