The SEC mandated this level of detail in March of 2022 as part of a new set of regulations.
Included in the total were $291M in Bitcoin (BTC) and $250M in Ethereum (ETH).
According to its annual filing to the Securities and Exchange Commission, payments giant Paypal possessed more than $500M worth of the two major cryptocurrencies as of December 31, 2021.
Included in the total were $291M in Bitcoin (BTC) and $250M in Ethereum (ETH). In addition to the $534 million in Bitcoin and Ethereum, PayPal also held $63 million in Bitcoin Cash (BCH) and Litecoin (LTC) on its customers’ behalf.
Decrease From Previous Quarter
This is a decrease from the previous quarter’s $694 million in crypto transactions when Bitcoin was trading at $19,400 on September end. And that was before the leading cryptocurrency’s price was pounded down to $16,600 by the end of the year after the bankruptcy of crypto exchange behemoth FTX and its subsequent ripple effect.
When a number of centralized exchanges and lending organizations froze customer funds in June 2022, the company started enabling users to withdraw their crypto to external wallets, a function that had been announced in November 2020.
While Dan Schulman, CEO of PayPal, did admit in 2019 that he did, in fact, hold Bitcoin, he also said that he was extremely positive about digital currencies of all types in 2020.
Since October 2020, when the firm launched its cryptocurrency trading, consumers have been able to purchase and sell digital currency via the payments company. However, the corporation has just lately begun disclosing its cryptocurrency holdings in SEC filings. The SEC mandated this level of detail in March of 2022 as part of a new set of regulations.