PayPal customers purchased $604 million worth of cryptocurrencies


The value of digital assets purchased by customers on the balance sheet of PayPal at the end of 2022 was $604 million. Such data is contained in annual report payment company for SEC.

Of this amount, $291 million came from Bitcoin, $250 million from Ethereum, and the remaining $63 million from Bitcoin Cash and Litecoin. The company did not disclose specific numbers in the latter case.

At the end of September, the total volume of positions in cryptocurrency amounted to $690 million.

Disclosure of such information became mandatory from March 2022.

In November 2020, PayPal opened access to cryptocurrencies directly through accounts to users from the United States.

In April 2021, the company added support for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash to its Venmo mobile payment service. At the same time, PayPal CEO Dan Shulman noted that the demand for digital assets exceeded expectations.

In March 2022, the head of PayPal expressed his 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 a mobile app.

Recall that in February 2023, it became known that PayPal would lay off about 2,000 employees – approximately 7% of the state.

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