By the end of 2022, PayPal held over $600 million in digital assets in crypto on behalf of its users.
That included $291 million in Bitcoin (BTC) and $250 million in ETH.
- According to PayPal’s annual report to the Securities and Exchange Commission, the remainder of its $63 million in crypto was spread between Bitcoin Cash (BCH) and Litecoin (LTC). In total, the firm held $604 million in digital assets.
- In dollar terms, that’s less than what the firm held in Q3 – when Bitcoin’s price was roughly $19,400. FTX’s collapse followed about a month later, bringing the asset’s value down to $16,600 each by December 31.
- The assets belonged to customers using PayPal’s wallet service, which lets customers 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 former believes stablecoins, CBDCs, and digital wallets have the power to revolutionize finance, the latter praises Bitcoin as an alternative to central banking as we know it.