PayPal refused to acquire crypto custodian BitGo

by in Cryptocurrency News

PayPal

PayPal has refused to acquire crypto custody company BitGo.

In October, there were reports that PayPal was in talks with BitGo for purchase, but the payment company was considering other options.

BitGo, according to CEO Mike Belsh, has "been in talks with everyone for years." The custodian company, which was founded in 2013, is not yet profitable.

Trending: Cardano Completed Its Vasil Hard Fork With Success

According to Beschl, BitGo is now in a "strong growth" phase and has a "very good balance". The company currently holds more than $ 16 billion in crypto assets and attracts new customers every week.

He added that the company does not plan to attract additional investments shortly. BitGo has raised $ 69.5 million to date, according to Crunchbase.

PayPal is currently working closely with cryptocurrency company Paxos, which provides its infrastructure for storing and trading digital assets. Last week, Paxos announced a $ 142 million investment.