PayPal had $604 million in crypto last year

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By the end of 2022, PayPal held over $600 million in crypto digital assets on behalf of its users.

This included $291 million in Bitcoin (BTC) and $250 million in ETH.

According to PayPal’s annual report to the Securities and Exchange Commission, the rest of its $63 million in crypto was split between Bitcoin Cash (BCH) and Litecoin (LTC). In total, the company held $604 million in digital assets. In dollars, that’s less than what the company held in Q3 — when Bitcoin’s price was around $19,400. The collapse of FTX followed about a month later, bringing the value of the asset down to $16,600 each as of December 31. The assets belonged to customers using PayPal’s wallet service, which allows customers to buy, sell, hold and receive cryptocurrency. In June, the company began allowing users to withdraw their Bitcoin and Ethereum to external wallets. PayPal’s top brass, including CEO Dan Schulman and co-founder Peter Thiel, are largely bullish on digital assets. The first believes that stablecoins, CBDCs and digital wallets have the power to revolutionize finance, the second praises Bitcoin as an alternative to central banking as we know it. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).

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