PayPal’s rumored talks about acquiring BitGo, a digital asset financial services provider, has reportedly fallen through. According to Fortune, rumors began to circulate about PayPal being in talks to acquire BitGo and now the deal will officially not be happening and the cryptocurrency firm is notably now charting a “new path.”
Founded in 2013, BitGo describes itself as the leader in digital asset financial services, providing institutional investors and crypto platforms with liquidity, custody, and security.
“At BitGo, we believe digital assets will drive the global financial system. Our clients choose BitGo because they need services and solutions they can trust. BitGo’s solution is built on top of the strongest technological foundation in the industry, allowing BitGo to provide clients with an integrated solution for digital assets that mitigates risk and optimizes capital efficiency.”
BitGo recently shared the growth and development it experienced during 2020. The company did work with PayPal in November when the payments giant joined Square and Robinhood to provide its 34 million users and 24 million merchants with cryptocurrency access. BitGo also reached new milestones in 2020, with the launch of BitGo Prime, the first and only deeply integrated, a full-stack solution with custody, trading and lending. With the launch of BitGo Portfolio and BitGo Tax, the company also manages activities across wallets, exchanges and service providers.
BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.