According to “Fortune” reports, multiple sources confirmed that the payment giant PayPal encryption company’s negotiations have broken down.
According to the report, the CEO of BitGo did not confirm the news in an interview, but he said that BitGo has been “negotiating with everyone” for many years and the company will not be “sold at a low price.”
According to a Bloomberg report in October this year, PayPal was exploring the possibility of acquiring cryptocurrency companies including BitGo. However, people familiar with the matter told Fortune that the relevant negotiations have ended and “PayPal is exploring other potential acquisitions.”
BitGo is the first crypto company in the United States to obtain brokerage approval, transfer agent registration and trust company approval, and it can provide custody services. The company was founded in 2013 and is currently not profitable. Belshe said it is in a “growth mode” and has a “very healthy balance sheet” and the company has no plans to raise more funds in the near future. According to Crunchbase data, BitGo has raised a total of $69.5 million in external funds so far.
Belshe also said that the company currently holds more than $16 billion worth of crypto assets for customers and is adding new customers every week.
According to an earlier report by “Betwee”, PayPal announced on October 21 that it would launch encrypted transactions and encrypted merchant payments, which caused a shock in the entire encryption industry.
PayPal is currently working closely with encryption services company Paxos. Paxos’s brokerage service powers PayPal’s encrypted transaction capabilities. Users can purchase Bitcoin and other cryptocurrencies through the PayPal digital wallet supported by Paxos.
Image source: PayPal
Author Liang Che
