PayPal held $604 million in crypto funds as of the end of 2022, down from the $690 million it held at the end of September, according to its filing with the SEC. The payments company held $291 million and $250 million in BTC and ETH, respectively, representing 90% of its total crypto holdings.
PayPal Held $604M in Crypto at the end of 2022, Down from $690M in September
PayPal published its 2022 annual report on Friday, showing that the payments giant held $604 million in crypto funds at the end of the year. According to its filing with the U.S. Securities and Exchange Commission (SEC), 90% of PayPal’s crypto holdings were Bitcoin ($291m) and Ether ($250m). The remaining $63 million were held in Litecoin (LTC) and Bitcoin Cash (BCH), the filing showed.
The $604 million PayPal held at the end of 2022 is down from the $690 million the company held as of September. This drop comes from a significant decline in crypto valuations last year in the wake of the FTX debacle.
PayPal launched the service allowing customers to trade crypto in October 2020, marking a significant step forward for mainstream crypto adoption. However, the company has only recently started to publish specific holdings of cryptocurrencies in its filings with the SEC.
PayPal CEO to Leave the Company at the End of the Year
Earlier this week, PayPal announced CEO Dan Schulman would resign and leave at the end of 2023. Schulman, who will remain a member of PayPal’s board, has been leading the online payments firm since it split from eBay in 2015.
“I’m proud of what we have accomplished at PayPal and of the incredibly talented and committed people I work with every day. Together, we have reimagined financial services and e-commerce, and worked to improve the financial health of our customers.”
– PayPal CEO Dan Schulman said in a statement.
PayPal also said it will hire an executive search firm to find an appropriate replacement, adding it will look both “across the company and externally.” During Schulman’s tenure, PayPal became one of the biggest payment service providers in the world, with more than 400 million active users.
The move came just days after PayPal reduced its workforce by 7%, or around 2,000 employees, as part of its ongoing effort to “strengthen” and “reshape” in a “challenging macro-economic environment.”
This article originally appeared on The Tokenist
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