Global payments firm PayPal is eyeing the acquisition of the securities firm, and a Bloomberg report on October 23 says the company is currently in talks with BitGo Inc.
Anonymous sources mentioned in the report claim that the two companies may reach an agreement within weeks. BitGo is a multi-signature manager that was founded in 2013. In 2018, the company raised $ 15 million in a tour led by Goldman Sachs and Galaxy Digital.
However, the transaction is far from secure, and the report notes: “Calls may still be dropped and PayPal may choose to purchase for other purposes.”
Rumors followed this week’s announcement that PayPal will launch cryptocurrency payment services starting next year, spurring a rapid two-digit interest rate pressure on Bitcoin (BTC).
Not everyone is thrilled about the potential PayPal acquisition, as the official Thorchain Account (Rune) expresses concerns about Bitcoin Encapsulated Decentralization (WBTC), given that most Bitcoin (BTC) locked in the protocol is held in BitGo.
Meltem Demirors, security director at CoinShares, crypto asset manager, predicted yesterday that PayPal will seek to release coin on the stack after the payment company leaves the Libra Facebook Project Management Association.