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PayPal Keeps Holding Bitcoin (BTC), Ethereum (ETH): Hundreds of Millions of USD

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Fri, 10/02/2023 - 15:41
PayPal Keeps Holding Bitcoin (BTC), Ethereum (ETH): Hundreds of Millions of USD
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Global payments company PayPal, which embraced crypto two years ago, allowing its clients first to buy and store and then to move crypto to third-party wallets, keeps working with cryptocurrencies, holding more than half a billion worth of U.S. dollars in crypto.

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According to Form 10-K submitted to the U.S. Securities and Exchange Commission by PayPal, as of Dec. 31, the company holds a cumulative $604 million worth of four main digital currencies, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), in its clients' wallets.

In particular, the amount of Bitcoin held by PayPal equals $291 million and $250 million in Ethereum. The rest is Litecoin and Bitcoin Cash.

The company first announced its intention to become open to crypto back in October 2020. Later, in the spring of 2021, it enabled crypto withdrawals for its U.S. customers and also allowed them to use crypto for purchases from more than 26 million merchants that collaborate with PayPal.

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In the fall of the same year, the company expanded its crypto service to the U.K., allowing U.K. residents to buy and sell BTC, ETH, LTC and BCH on the platform.

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