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PayPal Talks to Purchase Crypto Firm BitGo Have Ended, Other Targets Eyed: Report

Talks regarding a possible acquisition by PayPal of bitcoin custodian BitGo have fallen through, Fortune reported, citing multiple sources.

According to a Bloomberg report in October, PayPal was exploring the possible purchase of cryptocurrency companies including BitGo.

According to Coindesk, BitGo CEO Mike Belshe would not confirm whether the PayPal report was true in an interview with Fortune but stated that in recent 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 stating that, “PayPal is exploring other potential acquisitions.” 

BitGo was the first U.S. crypto company 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 trading, as well as crypto merchant payments, following its Oct. 21 announcement that sent shockwaves across the industry.

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SourceCoinDesk

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