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PayPal Talks to Buy Crypto Firm BitGo Have Ended, Other Targets Eyed: Report
The CEO would not confirm whether his company was ever in talks with PayPal, saying BitGo is "in talks with everyone."
Talks regarding a possible acquisition by PayPal of bitcoin custodian BitGo have fallen through, Fortune reported, citing multiple sources.
STORY CONTINUES BELOW
- PayPal was exploring the possible purchase of cryptocurrency companies including BitGo, according to a Bloomberg report in October.
- BitGo CEO Mike Belshe would not confirm whether the PayPal report was true in an interview with Fortune but commented that over the years BitGo has been "in talks with everyone" and will not accept a "small exit."
- Whatever talks there may have been have come to an end, sources told Fortune, with one saying that “PayPal is exploring other potential acquisitions.”
- BitGo was the first U.S. crypto firm to secure a broker-dealer approval, transfer agent registration and trust company recognition, allowing it to provide custody and record-keeping services.
- PayPal has launched crypto buying and selling, as well as crypto merchant payments, following its Oct. 21 announcement that sent shockwaves across the industry.
- Emails to both companies requesting comment on the report were not immediately answered.
Read more: PayPal Said to Be in Talks to Buy Crypto Firms Including BitGo: Bloomberg
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
