Date: 10/27/2020
Media: Markets Insider.
What happened?
Paypal explores crypto takeovers including goldman-backed startup BitGo, report says.
Whom and where it affects?
Paypal is looking to acquire cryptocurrency firms including a Goldman-backed startup BitGo, Bloomberg reported on Thursday, expanding its recent entry into the digital currency market , and in the place where it affects cryptocurrency market.
What sort of public or private institutions are involved?
The institutions that participate in this news are:
PayPal Holdings, Inc. and also Goldman Sachs, Galaxy Digital Ventures, Valor Equity Partners, Redpoint Ventures, DRW, Digital Currency Group and Founders Fund.
Why is it important for Banking and Finance?
The change to digital forms of currencies is inevitable, bringing with it great advantages such as efficiency, speed or resistance in the payment system and the ability of governments to disburse funds to citizens quickly.
What do you think will be the consequences in the foreseeable future?
PayPal just announced that its network would allow customers to buy, sell, and hold bitcoin and other digital coins. Beginning early 2021, customers would also be able to use cryptocurrencies for transactions at 26 million merchants through its platform.
Key words: Paypal, crypto-takeovers, bitcoin, Goldmand-backed, BitGo.