By the end of 2022, PayPal had over $600 million in digital assets in crypto on behalf of its users.
That included $291 million worth of Bitcoin (BTC) and $250 million worth of ETH.
- According to PayPal annual report to the Securities and Exchange Commission, the rest of his $63 million worth of cryptocurrency was split between Bitcoin Cash (BCH) and Litecoin (LTC). In total, the company had $604 million in digital assets.
- In dollar terms, that’s less than what the company had in the third quarter, when the price of Bitcoin was about $19,400. The FTX crash came about a month later, bringing the value of the assets down to $16,600 each by December 31.
- The assets belonged to customers using PayPal’s wallet service, which allows them to buy, sell, hold and receive cryptocurrency. In June, the company started 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. previous believe stablecoins, CBDCs and digital wallets have the power to revolutionize finance, the latter praise bitcoin as an alternative to central banking as we know it.
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