Customers of the payment system platform PayPal supposedly had USD 604 million worth of crypto in storage by the beginning of 2023.
As was made evident from SEC filings, a considerable part of PayPal’s financial liabilities are stored in virtual assets. PayPal started to accept crypto on its platform starting in 2021. According to Cointelegraph, this would be the first time that the payment company shares info related to the crypto holdings on its platform. The filing submitted to the Securities and Exchange Commission indicates the importance of crypto despite its harsh last year and how the future could look for the industry.
PayPal’s yearly report showcases that the USD 604 million was accumulated until the 31st of December 2022. Furthermore, the report shows that PayPal had various crypto in holding, such as Bitcoin Cash, Litecoin, Ether, and Bitcoin.
Bitcoin was the majoritary cryptocurrency in PayPal’s crypto holdings, amassing a value of USD 291 million, according to the company’s financial report. Moreover, USD 250 million was stored in Ether and Litecoin and BTC Cash combined were worth USD 63 million.
Of the company’s whole amount of financial liabilities, crypto holdings represented 67 per cent. The payment giant exceeded USD 25 billion in total financial assets.