The deal between giant payment company PayPal and prominent custodian BitGo did not become successful. As a result of a failed deal, PayPal will have to acquire another crypto company for custody operations.
It was a rumor in the crypto space that PayPal was going to acquire crypto wallet company BitGo, but the rumor remained a rumor as it did not take a practical shape.
With the start of the year and increasing institutional interest in the crypto industry, PayPal entered into the crypto space realizing the high potential of Bitcoin and other crypto products. The users of the payment giant started enjoying the buying, selling, and storing of digital assets. It was recently rumored that the company was planning to acquire some crypto firms to increase its exposure to the crypto industry. Mainly, it was about the acquisition of the California-based firm BitGo.
BitGo’s CEO Interview
Mike Belshe, CEO of BitGo, recently revealed in his talk at Fortune that the deal will not take practical shape as the deal has become failed. But he also revealed in his interview that the custodian giant has been engaged with many in this matter. According to Fortune:
“As for the PayPal rumors, Belshe wouldn’t confirm them, but he said BitGo has been “in talks with everyone” over the years and that the privately held company won’t accept a “small exit.”
As 2020 witnessed a clear growth in the crypto industry, the customer base of the firm has also increased manifold. As per the information given by Belshe, BitGo is holding crypto assets worth $16 billion under its custody. And a hundred of new users join the wallet firm every weak.
Unlike other crypto companies, BitGo is a specialized firm offering secure crypto custody services and facilities in the market. Since its launch in 2013, it has captured the attention of millions of traders and investors who want to store crypto assets for a longer period of time. The company has recently announced to offer premium services to investors having a lot of capital.
Last year, BitGo rolled out various projects which played an important role in crypto adoption. At the start of the year, it introduced the crypto trading service for its institutional users and then offered its facilities to the customers residing in Europe.