Payment giant PayPal is managing over $604 million in crypto assets on behalf of its users.
According to a newly published financial report, payment processing company PayPal says it holds $604 million in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) customer funds, as of December 31, 2022.
These are the only 4 cryptocurrencies accepted by PayPal for payment, starting from the end of 2020. Specifically, 90% of PayPal’s cryptocurrencies are in the form of BTC and ETH, with a value of 291, respectively. million USD and 250 million USD.
Compared to the $690 million that was announced by PayPal last September for the third quarter of 2022, the latest cryptocurrency reflects the sharp decline in the crypto market over the past few months.
PayPal is one of the few US financial companies that directly interacts with the cryptocurrency sector, despite the chain collapses that the crypto industry has seen in 2022. Several banks in the US that previously. that provide services to crypto companies has now begun to reduce its exposure following warnings from the US authorities.
Meanwhile, two prominent names that still maintain large investments in Bitcoin are electric car maker Tesla and software company MicroStrategy. Both have reported losses from Bitcoin, but have no intention of selling yet.
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