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

Global outgo elephantine PayPal holds a important portion of its fiscal liabilities successful cryptocurrencies similar Bitcoin (BTC) offered to its customers.

As of Dec. 31, PayPal held a full of $604 cardinal successful assorted cryptocurrencies including Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), according to the yearly study filed with the United States Securities and Exchange Commission (SEC) connected Feb. 10.

Bitcoin has the largest stock successful PayPal’s crypto assets, accounting for $291 cardinal successful the firm’s plus breakdown, portion $250 cardinal is held successful ETH. The remaining $63 cardinal includes Litecoin and Bitcoin Cash combined.

The magnitude of PayPal’s crypto holdings accounts for 67% of the company’s full fiscal liabilities amounting to $902 cardinal arsenic of Dec. 31. PayPal’s full fiscal assets stood astatine much than $25 billion, according to the filing.

Despite introducing cryptocurrencies into its platform much than 2 years ago, PayPal did not see a akin breakdown connected crypto holdings successful its previous yearly fiscal report.

“Due to the unsocial risks associated with cryptocurrencies, including technological, legal, and regulatory risks, we admit a crypto plus safeguarding liability to bespeak our work to safeguard the crypto assets held for the payment of our customers,” PayPal wrote successful the caller filing.

Related: PayPal Xoom adds cross-border remittance connected debit paper deposit

PayPal stores customers’ cryptocurrencies done a third-party custodian, the institution noted successful the filing. PayPal stressed that it contractually requires the custodian to segregate our lawsuit assets and not premix them with proprietary oregon different assets, adding:

“We cannot beryllium definite that these contractual obligations, adjacent if duly observed by the custodian, volition beryllium effectual successful preventing specified assets from being treated arsenic portion of the custodian’s property nether bankruptcy oregon different insolvency law.”

As antecedently reported, PayPal debuted its clasp and merchantability service for Bitcoin successful the United States successful November 2020. The institution has been doing its champion to bring all imaginable blockchain and crypto integrations to its services, including cardinal slope integer currencies, according to vice president Richard Nash.