Fortune cited multiple sources, citing the latest information on talks by PayPal regarding a possible purchase of Bitcoin custodian BitGo.
PayPal was investigating the possible acquisition by cryptocurrency companies, including BitGo, according to a Bloomberg report in October. However, this acquisition attempt failed, Fortune reported.
BitGo CEO Mike Belshe did not provide information on whether the PayPal report was correct in an interview with Fortune. However, he said during the year that BitGo had “negotiated with many organizations” and would not accept “a small exit”.
“Whatever the talk may have ended, PayPal is exploring other potential acquisitions,” sources commented to Fortune.
BitGo is seen as a valuable organization in the industry as it is the first US crypto company to allow it to provide surveillance and record keeping services by relying on a broker-reseller approval, transfer agent registration, and company recognition.
Following its industry-shocking announcement on October 21, PayPal launched crypto merchant payments as well as crypto trading. No statement has yet been received from either company.