Paypal Holding, Inc. has just unveiled its annual report in which it highlighted the completion of 22.3 billion transactions in 2022. This represents an increase of 16% compared to the figures published for the year 2021. Others Important information to remember: PayPal also claims to hold more than half a billion dollars in cryptocurrencies.
Paypal has around $600 million in cryptocurrency
With pro-cryptos like Dan Schulman and Peter Thiel at its helm, PayPal hasn’t shied away from integrating cryptocurrencies into its ecosystem. Since October 2020, when the electronic payments giant considered acquiring crypto companies in order to expand its services, the American company has not stopped accelerating.
Last Friday, Cointelegraph dissected the Annual Report that PayPal had just filed with the SEC. This document notably provided an overview of the crypto-assets held in the accounts of its users at the end of 2022.
Here are the details :
- $291 million in bitcoin (BTC);
- $250 million in ethereum (ETH);
- $62 million in Bitcoin Cash (BCH) and Litecoin (LTC).
Attention, these credits do not belong to PayPal at all, underlines CryptoPotato. They are the property of its customers using the company’s wallet service.
Protect customers at all costs
With about 2 years of adventures with cryptos, PayPal can authorize several alternatives for the good of its users. This is why she clarified that:
” Due to the risks associated with cryptocurrencies, including technological, legal and regulatory risks, we recognize a cryptocurrency asset safeguard liability to reflect our obligation to safeguard cryptocurrency assets held for the benefit of our clients. “.
Thus, the American multinational has decided to use a third-party custodian to store the assets of its users. This custodian, it should be noted, is supposed to separate their assets from those of the owners.
Additionally, PayPal has already started working on its own stablecoin with support from Paxos. But as the latter is currently under investigation by NYDFS, the online payment giant had to put this project on hold.
PayPal’s adventure with bitcoin and other cryptocurrencies began in 2020. The recent report filed with the US regulator shows that the company is not ready to give up. Knowing that its cryptos represent 67% of its total financial liabilities.
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