Global payments company PayPal continues to work with cryptocurrencies and currently holds more than half a billion dollars worth of digital currency. PayPal first embraced cryptocurrency two years ago, enabling its clients to first buy and store cryptocurrency before moving it to third-party wallets.
In accordance with a Form 10-K filed with the U.S. Securities and Exchange Commission by PayPal, as of December 31, the business has in the wallets of its users a total of $604 million worth of the four major digital currencies Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
PayPal now has $291 million in Bitcoin and $250 million in Ethereum in its possession. Litecoin and Bitcoin Cash make up the remainder.
In October 2020, the firm made its initial announcement about opening up to cryptocurrency. Later, in the spring of 2021, it permitted its American clients to withdraw cryptocurrency and also utilize cryptocurrency to make purchases from the more than 26 million merchants that work with PayPal.
The business expanded its crypto service to the U.K. in the fall of the same year, enabling U.K. citizens to use the site to purchase and sell BTC, ETH, LTC, and BCH.