Rumor: PayPal wants to acquire cryptocurrency companies

Payment company PayPal would be looking for companies that work with cryptocurrencies to take over, writes financial news agency Bloomberg. PayPal announced its own exchange and wallet earlier this week.

The first company that PayPal is interested in would be BitGo, founded in 2013, Bloomberg writes. Bloomberg relies on anonymous sources for the story. BitGo has, among other things, a wallet service, which, among other things, the Brave browser uses for its system of microtransactions.

It is unknown in which companies PayPal would be more interested. PayPal wants to increase its share of the cryptocurrency market. The company announced its own exchange and wallet this week for storing and paying with Bitcoin, Ethereum and Litecoin.

PayPal has partnered with Paxos for the service, a payment provider that also issues the Paxos Standard Token. The service will start later this year, but for now it only applies to the US. It is still unknown whether the service will come to the Netherlands at a later date.