In October, rumors started circulating that PayPal will acquire BitGo to access its cryptocurrency services. Reportedly, the deal has fallen through as per several anonymous sources. The payments giant will now pursue other potential acquisitions instead. BitGo is one of the oldest crypto firms in the industry initially founded in 2013. The firm currently manages cryptocurrencies worth $16 billion.
<h2>PayPal Drops Plan to Acquire BitGo</h2>
<a href="https://www.cryptoknowmics.com/news/paypal-to-launch-crypto-services-directly-from-existing-accounts/" target="_blank" rel="noopener">PayPal</a> had officially announced on providing cryptocurrency services by the end of October. As soon as the news broke out, rumors spanned around that the payment giant was under discussions to <a href="https://www.cryptoknowmics.com/news/paypal-in-talks-to-acquire-crypto-custodian-bitgo/" target="_blank" rel="noopener">acquire</a> BitGo by several media outlets. At that time, the acquisition deal was not final, however, it now appears that the acquisition deal is completely off.

In an interview with <a href="https://fortune.com/2020/12/23/bitgo-paypal-crypto-firm-assets-mike-belshe-ceo/" target="_blank" rel="nofollow noopener">Fortune</a>, BitGo’s CEO Mike Belshe didn’t confirm whether there was even a deal. However, he did mention having discussions with other companies.

He even added that amid the Bitcoin bullish run, the company did benefit from it, although it’s facing a difficult time to turn it into a profit. The reason for this is that the firm is currently now more focused on growth rather than profit maximization. Belshe further said that the company does have a very healthy balance sheet and has no plans to raise capital in the near future.
<h2>BitGo As of Yet Had Five Funding Round</h2>
<a href="https://www.cryptoknowmics.com/news/bitgo-announced-partnership-with-tron-to-leverage-wbtc/" target="_blank" rel="noopener">BitGo</a> keeps a low profile unlike other older crypto firms such as Coinbase and Kraken, which offer crypto exchange services. The firm’s core offering includes providing <a href="https://www.cryptoknowmics.com/news/amber-group-picks-bitgo-for-its-clientele-of-institutional-investors/" target="_blank" rel="noopener">custody service</a> for securely storing cryptocurrencies on behalf of institutions and large scale investors.

Over the past years, BitGo has redefined itself as a full-service crypto shop that offers other tax and lending services, as well as a means for clients to discreetly arrange large trades.

The cryptocurrency firm of yet has had five funding round, raising a total of $69.5 million. Its investors include Barry Silbert’s Digital Currency Group (DCC) and Mike Novogratz’s Galaxy Digital.

PayPal Drops Plan To Acquire Crypto Firm BitGo

In October, rumours started circulating that PayPal will acquire BitGo to access its cryptocurrency services. Reportedly, the deal has fallen through.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

PayPal Drops Plan To Acquire Crypto Firm BitGo

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