The value of customer-held digital assets on PayPal’s balance sheet at the end of 2022 was $604 million. Such data are contained in theannual report for the SEC.
Of this amount, $291 million went to Bitcoin, $250 million to Ethereum, the remaining $63 million to Bitcoin Cash and Litecoin. The company did not disclose specific figures for the latter.
By the end of September, the total cryptocurrency position amounted to $690 million.
Disclosures of such information became mandatory since March 2022.
In November 2020, PayPal opened access to cryptocurrencies directly through user accounts in the United States.
In April 2021 the company added support for Bitcoin, Ethereum, Litecoin and Bitcoin Cash in its mobile payment service Venmo. At that time, PayPal CEO Dan Schulman noted that demand for digital assets exceeded expectations.
In March 2022, PayPal’s head expressed confidence that cryptocurrencies and blockchain will revolutionize the financial system.
In August, the company added the ability to buy, sell and transfer digital assets through its mobile app.
In February 2023, it was reported that PayPal would lay off around 2,000 employees — about 7% of its workforce.