Paypal halts plan to acquire BitGo crypto exchange – Crypto Trendings
Tuesday, November 28, 2023
Crypto Trendings
  • HOME
  • News
  • Bitcoin
  • Altcoins
  • Business
  • Tech
  • Industry
  • Interviews
  • Press Release
No Result
View All Result
Crypto Trendings

Paypal halts plan to acquire BitGo crypto exchange

Crypto Trendings by Crypto Trendings
December 26, 2020
in Business
Reading Time: 2min read
Paypal halts plan to acquire BitGo crypto exchange

A new service from PayPal allows its customers to buy, hold and sell cryptocurrency directly from their PayPal account.

Paypal earlier in the year enabled buying, selling and storing of digital assets and fiat currencies on its platform. This fueled rumours that it was interested in taking over a crypto firm, with BitGo named favourite.

According to Fortune that interviewed Mike Belshe, BitGo CEO, they revealed that the deal was no longer going to happen.

Related posts

Exclusive “Salvator Mundi” by Leonardo da Vinci To Release  In 3D and Augmented Reality on ElmonX

Exclusive “Salvator Mundi” by Leonardo da Vinci To Release In 3D and Augmented Reality on ElmonX

August 6, 2023
eBay Enters NFTs, Allows Sales On Platform

eBay Enters NFTs, Allows Sales On Platform

May 12, 2021

The CEO noted that the company has been talking to many firms throughout the year. He noted that BitGo was not accepting a ‘small exit.’

Sources close to both Paypal and BitGo also have said that talks between Paypal and the crypto firm was not progressive. The payment firm is even said to have furthered its search for a firm it can potentially acquire.

Belshe stated that the crypto firm is not very profitable at the moment because it is still growing. However, he says the firm balance sheet is healthy, he says. He notes they don’t plan to raise any capital anytime soon also.

BitGo in a glance
The crypto firm undoubtedly is one of the earliest crypto firms in the US after it launched operations in 2013. However, it has been overshadowed by other crypto firms like Coinbase, Kraken.

Coinbase, Kraken offers a platform for anyone to buy or sell digital assets, while BitGo’s core offering is a custody service for institutions and other wealthy clients.BitGo securely stores crypto on behalf of its clients.

The firm has tried redefining its position in the industry while offering other tax and lending services and becoming a platform for users to engage discreetly on large sales.

However, the CEO notes that the entrance of PayPal, Square is now threatening them into the crypto space as he acknowledges that their firm already benefited from the current Bitcoin bull market.

What next for Paypal
After a breakdown in negotiation between Paypal and Bitgo, the payment firm failed to shed light into the issue.

No statements, tweets or any form of update as regards the acquisition from their part yet. However, close sources to the payment firm stated that PayPal is exploring other potential acquisitions.

Previous Post

Neurogress fast forwards the future in response to COVID 19

Next Post

Polkadot price above the $6.50 level, DOT to fall back to $6.00 level

Next Post
Polkadot price above the $6.50 level, DOT to fall back to $6.00 level

Polkadot price above the $6.50 level, DOT to fall back to $6.00 level

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

SeedX Launches Complete Decentralized Exchange on Binance Smart Chain

SeedX Launches Complete Decentralized Exchange on Binance Smart Chain

9 months ago
Jar Coin and Juny Web are the Next Big Thing in the Decentralized Space

Jar Coin and Juny Web are the Next Big Thing in the Decentralized Space

1 year ago
Crypto assets comparison platform Cryptoffer invites you to join the COF token presale campaign from October 31 to November 14.

Crypto assets comparison platform Cryptoffer invites you to join the COF token presale campaign from October 31 to November 14.

1 year ago
Ethlas, Empowering Web3 Journeys through Engaging & Interoperable Experiences.

Ethlas, Empowering Web3 Journeys through Engaging & Interoperable Experiences.

7 months ago

BROWSE BY CATEGORIES

  • Altcoins
  • Bitcoin
  • Business
  • Industry
  • News
  • Press Release
  • Tech

BROWSE BY TOPICS

Altcoins Bitcoin Business Industry News Press Release Tech

POPULAR NEWS

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
Crypto Trendings

We bring you the latest news in the crypto and finance industry. We envision the goal of completely decentralised future.

Reach us at:

[email protected]

BITCOIN NEWS

Expert Reveals “Best Bets” Against Impending Economic Collapse

Expert Reveals “Best Bets” Against Impending Economic Collapse

July 28, 2022
Meta A Bigger Threat For Crypto Crash Than The Fed, Here’s Why

Meta A Bigger Threat For Crypto Crash Than The Fed, Here’s Why

July 27, 2022
Why UST’s crash has experts talking and taking different sides

Why UST’s crash has experts talking and taking different sides

May 16, 2022

ALTCOIN NEWS

Ethereum price faces resistance at $650, can ETH break above?

Ethereum price faces resistance at $650, can ETH break above?

December 21, 2020
New withdrawal mechanism for ETH2 stakes ‘under discussion’

New withdrawal mechanism for ETH2 stakes ‘under discussion’

December 15, 2020
Ethereum King Buterin Loses Live Showdown to Twitch Chess Queen

Ethereum King Buterin Loses Live Showdown to Twitch Chess Queen

December 16, 2020
November 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« Oct    
  • About
  • Advertise
  • Careers
  • Contact

© 2020 Crypto Trendings

No Result
View All Result
  • Home
  • Industry
  • News
  • Business
  • Bitcoin
  • Interviews
  • Tech
  • Altcoins

© 2020 Crypto Trendings