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PayPal drops bid to acquire crypto company BitGo

Paypal drops the bid and hence the interest that it had to acquire crypto company BitGo. The online payments platform was looking forward to acquiring BitGo for quite some time. This development between the two companies became public in October, but there has been no official confirmation by any two companies. The platform’s interest in the crypto space and the enabling of using cryptocurrencies for payments using its platform were also among the main reasons for this acquisition.

Paypal and crypto integration

Paypal drops bid to acquire Bitgo

Paypal said a while back that it is bringing the integration of Bitcoin to its wallet. And from the starting of 2021, anyone can do the same. Users will be given the option to transact using Bitcoin, Ether, Litecoin, and Bitcoin Cash. This integration of crypto with the platform justifies the interest in the acquisition of BitGo. The strong statements of CEO’s of carious firms also show the bright future of Bitcoin.

In some time it is very probable that the way to we pay for stuff, transfer and store money is going to change. So, even though the talks about the acquisition of BitGo by Paypal have probably fallen apart, it would have been beneficial if things went otherwise.

BitGo’s huge market

BitGo

Image Source: Coincentral

According to some reports, the company has around $16 billion in Bitcoin holdings. And this is the holdings of its customers, which is constantly increasing every week. Their platform is not only for buying and selling cryptocurrencies but also many other services. This includes lending and tax services, and also large trade arrangements secretly. The company has many wealthy backers and customers and is in a very good position right now.


What are your thoughts on the fact that Paypal drops the bid to acquire BitGo? Didn’t the acquisition seem to be a better idea? Do let us know in the comments below. Also, if you found pour content detailed and useful, do like and share it with your friends.

Also Read: Bitcoin is under inspection in the US after continuous rally

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