NEW YORK - PayPal Holdings is exploring acquisitions of cryptocurrency companies including Bitcoin custodian BitGo, according to people familiar with the matter, a move that would expand its embrace of digital coins.
It couldn't be learned how much PayPal would pay for BitGo if it goes ahead with the deal. BitGo raised US$58.5 million in 2018 at a US$170 million valuation, according to PitchBook.The Palo Alto, California-based company, founded in 2013 by chief executive officer Mike Belshe, offers digital wallets that require multiple signatures for transactions, as well as offline vaults for storing Bitcoin and rival currencies.
PayPal announced on Wednesday that its customers can buy, sell and hold cryptocurrencies including Bitcoin, Ether, Bitcoin Cash and Litecoin from digital wallets, as well as use the virtual money to shop at the 26 million merchants on its network. The announcement led Bitcoin to surge past US$13,000 for the first time since July 2019.
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