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PayPal held $604M in Bitcoin and other crypto at the end of 2022

BlockNews Team by BlockNews Team
February 13, 2023
in Business, Crypto, Media, Social
Reading Time: 3 mins read
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BTC and ETH account for the majority of PayPal’s crypto holdings, with respective values of $291 million and $250 million in the asset breakdown.

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  • The biggest payment firm in the world, PayPal, keeps a large percentage of its debt in virtual currencies it makes available to its users, including Bitcoin.
  • PayPal withheld a breakdown of its cryptocurrency assets from its most recent annual financial report.

SEC’s Annual Report

PayPal held a total of $604 million in various cryptocurrencies as of December 31, according to the annual report filed with the US Securities and Exchange Commission on February 10. These included Litecoin, Bitcoin Cash, Ether, and Bitcoin.

Bitcoin accounts for $291 million of the company’s assets, while ETH accounts for $250 million. Bitcoin contains the highest proportion of PayPal’s crypto holdings. Litecoin and Bitcoin Cash together make up the remaining $63 million.

67% of PayPal’s overall financial liabilities, or $902 million as of December 31, are made up of the value of its crypto holdings. The statement shows that PayPal’s financial portfolio was worth more than $25 billion.

Paypal’s Financial Report

Even though it added cryptocurrency support to its platform more than two years ago, PayPal’s prior annual financial report contained a different breakdown of its crypto assets.

“Due to the specific risks associated with cryptocurrencies, including technological, legal, and regulatory concerns, we identify a crypto asset safeguarding liability to represent our obligation to secure the crypto assets held for the benefit of our clients,” PayPal said in the most recent filing.

According to the company’s appeal, PayPal uses a third-party custodian to keep clients’ cryptocurrency. PayPal emphasized that, in compliance with regulatory regulations, the custodian must keep customer assets separate from proprietary or other assets. Even if the custodian abides by these contractual limits to the letter, we cannot guarantee that doing so will keep the assets out of the custodian’s estate for bankruptcy or other insolvency law.

Paypal Roadmap for Future

One of the biggest payment firms in the world, PayPal, has entered the blockchain and cryptocurrency space. In addition to providing BTC buy and sell options in select countries, PayPal launched its cryptocurrency check-out service in March 2021 to enable companies to accept cryptocurrency payments. According to reports, the company is also considering introducing PayPal Coin as its stablecoin.

In November 2020, PayPal launched its hold-and-sell service for Bitcoin in the United States. According to vice president Richard Nash, the corporation has been working hard to integrate every blockchain and cryptocurrency it can, including digital currencies issued by central banks, into its services.

The international money transfer service offered by PayPal Xoom has revealed a new facility that lets users in the United States send money directly to owners of Visa debit cards. PayPal, Xoom, and Visa worked together to make it possible for debit card holders to receive cash now from Xoom. Among the 25 countries where the feature is available are the Philippines, Sri Lanka, Thailand, Ukraine, and Vietnam.

Conclusion

The payments company has allowed customers to buy and trade cryptocurrencies since October 2020, it has only just begun to disclose specific holdings of different coins in its SEC filings. The SEC now requires this granularity due to Staff Accounting Bulletin No. 121 (SAB 121), published in March of last year. PayPal has allowed users to trade cryptocurrencies since 2020, but until June of last year, users could not withdraw their funds to other wallets.

Tags: BitcoinBTCcryptoMediaPaypal
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