Payment giant PayPal has abandoned plans to buy BitGo, a digital asset storage service, Fortune reports, citing data from its own sources.
Information about the intention to acquire one of the major players in the cryptocurrency market PayPal appeared in October this year, but at the same time it was noted that there were no specific agreements, while BitGo announced that it was negotiating with other companies about possible cooperation. At the moment, according to a Fortune source, the deal will not take place and PayPal is now considering options for working with other market players.
We add, earlier the head of BitGo, Mike Belshe, stated that the company has at its disposal cryptocurrency assets worth more than $ 16 billion and it was able to enter into partnerships with several large clients. That said, the service continues to evolve: Last year, BitGo actively sought to redefine itself as a full-service cryptocurrency store that offers other tax and credit services and allows customers to discreetly organize large transactions.
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