PayPal has declined to acquire cryptocurrency company BitGo. This was reported by Fortune, citing several sources.

Reports emerged in October that PayPal was in talks with BitGo about buying it, but the payments company was considering other options.

BitGo, according to CEO Mike Belsch, has been „negotiating with everyone“ for years. The custodial company, which was founded in 2013, is not yet profitable.

According to Belsch, BitGo is now in a phase of „active growth“ and has a „very good balance sheet“. The company currently holds more than $16 billion in crypto assets and is attracting new customers every week.

He added that the company has no plans to raise additional investment in the near future. According to Crunchbase, BitGo has raised $69.5 million to date.

PayPal is currently working closely with cryptocurrency company Paxos, which provides its infrastructure for storing and trading digital assets. Last week, Paxos announced it had raised $142 million in investments.