Media: PayPal abandons bid to acquire BitGo

The payments giant PayPal has exited the deal to acquire the crypto custody service BitGo. Fortune reports, citing several sources.

According to them, talks between BitGo and PayPal collapsed. PayPal is exploring the possibility of acquiring other cryptocurrency companies.

The CEO of the custody service, Mike Belshe, said that the company is currently not profitable, as it is in growth mode. He pointed to ‘robust balance sheets’ and added that he does not plan to raise capital for now.

According to Belshe, BitGo stores cryptocurrency assets worth more than $16 billion.

Information that the payments giant is considering the possibility of acquiring cryptocurrency companies surfaced in October 2020. Its first potential acquisition was BitGo.

On November 12, PayPal launched for US customers features to buy, hold and sell Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

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