- As of the end of 2022, the payment service held $291 BTC million and $250 million ETH
- The rest of the portfolio was occupied by LTC and BCH
The Securities and Exchange Commission (SEC) recently released its annual report. It says that the PayPal payment service kept crypto assets of its clients totaling $604 million. The main part of the portfolio, about 90%, was occupied by the two main cryptocurrencies – Bitcoin ($291 million) and Ethereum ($250 million). $63 million fell on Litecoin and Bitcoin Cash.
Almost the same amount was on the company’s accounts in September last year. At a time when crypto asset prices were plummeting after the collapse of the FTX cryptocurrency exchange, the payments giant was holding $690 million.
PayPal has been allowing its customers to transact with cryptocurrencies since October 2020, but has only just begun to disclose specific holdings of various coins in its U.S. Securities and Exchange Commission filings.
PayPal’s vice president, Richard Nash, said PayPal is doing everything in its power to add all possible integrations of blockchain and cryptocurrencies, including central bank digital currencies, to its services.
The payment service is constantly developing and expanding services for buying, selling and storing cryptocurrency in different countries of the world. In early February, PayPal announced its plans to reduce staff. As part of its cost optimization strategy, the company plans to lay off about 2,000 employees.
