PayPal’s acquisition of crypto custodian BitGo has been dropped

  • Milke Belshe, CEO of BitGo have denied PayPal’s acquisition of BitGo
  • It seems like the payments giant is targeting other potential firms to acquire
  • PayPal is getting fully involved with the virtual currency industry

This year the payment giant PayPal was exploring acquisitions of cryptocurrency firms, as it has plans to embrace digital currencies. According to a recent release from the news-outlet Fortune, it is observed that in recent months there were rumours about the acquisition of crypto custodian firm BitGo by PayPal. However, no the deal of acquisition will be officially happening, as the crypto firm will now charter a new way.

Milke Belshe denies PayPal’s acquisition of BitGo

BitGo, the crypto custodian firm, provides institutional investors and crypto platforms with liquidity, custody, and security. The custodian firm worked with PayPal last month when the payments giant joined Square Inc., and Robinhood to provide its users and merchants with access to virtual currencies. However, there was a rumour in the crypto industry in recent months that the payment giant will acquire the custodian firm. Still, the deal will not happen as Milke Belshe, the chief executive officer of BitGo has refused to confirm the rumour. Indeed, Belshe mentioned to Fortune that PayPal is in talks with everyone over the years, but its wallet and blockchain security firm will not accept any small entry. 

PayPal is now fully involved with cryptocurrencies

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 In October, PayPal officially announced its move in the cryptosphere. Prior to the official announcement, evidence was also observed that the payments firm is interested in digital currencies. In the report of Fortune, some anonymous sources have also mentioned that the payments giant seems to consider other potential targets soon, as the deal fell with BitGo. Recently, PayPal has proved its high interest in cryptos, as the firm invested in TRM Labs, a crypto compliance and risk management platform. The payments giant have also filed several patents including a faster crypto payment system that can speed up the processing of BTC transactions.

Over 400 clients trust the crypto custodian firm

Few hours before the acquisition deal dropped, BitGo revealed that the firm had reached $16 billion in virtual assets under custody. According to BitGo, the reason behind reaching such a level in digital AUC is due to the rising interest among institutional investors. According to Belshe, the firm has currently over 400 clients, from 50 countries around the world, including major exchanges like Bitstamp, Nexo, and Pantera.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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