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."
Dec 24, 2020 at 12:04 p.m. UTCUpdated Aug 19, 2021 at 6:19 a.m. UTC
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Talks regarding a possible acquisition by PayPal of bitcoin custodian BitGo have fallen through, Fortune reported, citing multiple sources.
- 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.
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