PayPal rumored to be eying acquisition of crypto custodian BitGo
Global payments firm PayPal is looking to acquire a crypto asset custody firm, with a report published by Bloomberg on Oct. 23 claiming the company is currently in talks with BitGo Inc. The rumors follow this week’s announcement that PayPal will be launching crypto payment services from next year, which was the catalyst for a quick double-digit percentage price push for Bitcoin (BTC).
Not everyone is overjoyed with PayPal’s potential acquisition, with the official account of Thorchain (RUNE) expressing concerns about the decentralization of Wrapped Bitcoin (WBTC), given most of the Bitcoin (BTC) locked in the protocol are stored with BitGo. Yesterday, Meltem Demirors, the CSO of crypto asset manager CoinShares, predicted that PayPal will seek to launch a stablecoin after the payments company left the governance association for Facebook’s Libra project.
