The crypto industry has evolved in terms of both value as well as popularity. With several deeming the industry as a promising investment platform, prominent companies from across the globe have been building connections in the crypto world. While PayPal has already made multiple connections in the crypto-verse a rumor surfacing a new partnership has come to light.
PayPal Intends To Acquire Several Crypto Firms
Online payments giant, PayPal has revealed its plan of buying numerous cryptocurrency firms. A recent report highlighted that the American company is looking to embrace crypto assets and BitGo, a crypto custodian is reportedly one of the many platforms that PayPal aims to acquire. Both PayPal, as well as BitGo, have been in talks, the report read. The source that revealed the aforementioned information to Bloomberg also proposed that nothing was finalized and the “talks” could dismantle if PayPal decided to buy another platform.
While details pertaining to this uncertain deal is still under wraps, the crypto industry would get a boost with this latest partnership. The crypto community was still processing the entry of PayPal into the cryptocurrency market and the latest news acted as a cherry on top.
On 21 October 2020, PayPal revealed that its customers could be engaging in all trading activities like buying, selling, and holding several crypto assets including Bitcoin [BTC], Ether [ETH], Bitcoin Cash [BCH] as well as Litecoin [LTC]. Along with this, the online payments giant also pointed out that users could use the above-mentioned assets to purchase anything from the 26 million merchants that PayPal hoards.
This news undoubtedly steered attention to the crypto-verse and ignited a significant surge in the price of almost every crypto asset. While Bitcoin’s price was trying hard to move beyond $12K, the latest news came as a much-required stimulation for the king coin. Ever since July 2019, Bitcoin pushed past $12K as it hit a high of $13,151.90.
At the time of writing, Bitcoin was trading at $12,953.76 and had witnessed a surge of about 14.35%. Even though several other altcoins garnered immense gains, Bitcoin prolonged its dominance by 60.8%.