Bloomberg: PayPal reportedly looking to buy BitGo Inc

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Updated September 21, 2022 | Published October 23, 2020

2 mins read

The global payments firm, which just announced that it will enable crypto payments and storage for its consumers in select jurisdictions, including the United States, is looking to consolidate its footprint in the crypto space, Bloomberg believes.

BitGo is a visible name in the industry and it raised $15 million in a funding round led by Galaxy Digital and Goldman Sachs.

Bloomberg has argued that the deal was still only being negotiated and not a confirmation of PayPal's intention to acquire BitGo.

Some companies have raised concerns over the possible acquisition of BitGo by PayPal, including Thorchain (Rune) which argued that the majority of Wrapped Bitcoin (WBTC) was with BitGo, and effectively transferring controls of assets into a traditional and centralised company.

In related news, CoinShares chief security officer of crypto asset manager Meltem Demirors has argued that PayPal will most likely want to launch its own cryptocurrency asset after it withdrew from Facebook's Libra project last year.

Cryptocurrencies are increasingly popular, not least thanks to the introduction of stablecoins that make it easy for consumers to come to terms with the technology and not worry about price volatility.

In a recent report, we posted information about the steadfast growth of stablecoins all throughout 2020.

Having PayPal dip its hands in crypto could be a good thing, especially for crypto casino consumers who are playing at leading blockchain gaming websites as Bitcasino, FortuneJack, and 1xBit.

Want the chance to win an iPhone 11 Pro? Then take a couple of minutes to complete our CGN survey.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by David

Co-founder

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.
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