PayPal Looking To Go Deeper Into Crypto Ahead Of Launching In Australia And Europe

By Cristian Lipciuc October 24, 2020 In Bitcoin, Industries, Payments

Following the announcement made 3 days ago by PayPal – detailing the launch of cryptocurrency capabilities in the USA, to be followed by launches in Australia and the EU in the first half of 2021 – yet another announcement has come to light, showing that the move by the payment processing giant may be even bigger than previously detailed.

Acquisition Of Crypto Custodian In Sight

Bloomberg reports that BitGo – a crypto company focused on investors looking to keep their Bitcoin assets safe – is in talks with PayPal, the end goal being its acquisition by PayPal.

The sources are, so far, unofficial. PR representatives from both PayPal and BitGo have declined to comment on the issue. The person behind the leak has only spoken off the record –  and added that this is by no means a done deal.

However, whether BitGo is bought by PayPal or not, it seems that PayPal is truly intent on buying a cryptocurrency custodian – BitGo simply being the company PayPal is currently in talks with.


Founded in 2018, BitGo – based in Palo Alto, California – is valued at USD 178 million, and is backed by big-league financiers such as Goldman Sachs, Valor Equity Partners, and Founders Fund.

Although this wave of interest by PayPal has recently made the price of bitcoin spike, not everyone in the crypto world views the developments positively. THORChain – the company behind RUNE – tweeted that the majority of wrapped bitcoin (wBTC) is held by BitGo.

Understandably, an already large company gaining a large stake in the highest-valued cryptocurrency around could have vast consequences. However, it remains to be seen which way the wind blows – and if PayPal will go through with the acquisition. 

Cristian Lipciuc

Cristian Lipciuc

Cristian Lipciuc is a blockchain journalist working with startup companies across multiple domains such as freelancing, app development & cryptocurrency. Cristian specializes in applied blockchain technologies, cryptocurrency integration, the adoption of new technologies by governments, and cybersecurity.

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