PayPal( PYPL) held a aggregate of$ 604 million of bitcoin( BTC), ether( ETH), litecoin( LTC) and bitcoin cash( BCH) for its guests as ofDec. 31, according to its periodic report to theU.S. Securities and Exchange Commission( SEC).
Nearly 90 of the quantum was divided between the two largest cryptocurrencies by request value$ 291 million in BTC and$ 250 million in ETH. The remaining$ 63 million is made up of LTC and BCH. PayPal didn’t give a breakdown of the two.
The figure compares with$ 690 million held as of the end of September, and corresponds to a period that saw sharp declines in crypto valuations following the collapse of exchange FTX.
The payments company has been allowing guests to buy and vend crypto since October 2020, however has only lately begun to expose specific effects of different coins in its SEC forms. This granularity is now needed by the SEC as per Staff Accounting BulletinNo. 121( SAB 121), introduced in March last time.
Despite offering crypto trading since 2020, PayPal didn’t allow its druggies to withdraw coins off the platform to external holdalls until June last time.