- In October 2020, the multi-million organization Paypal launched a cryptocurrency feature.
- Paypal cryptocurrency holds held a total of $604 million worth of crypto assets; bitcoin (BTC), ether (ETH), Litecoin (LTC) and bitcoin cash (BCH).
- 90% of its total holdings divide between the top two cryptocurrencies; $291 million in BTC, $250 million in ETH, and $63 million in Litecoin and Bitcoin cash.
Paypal recently revolutionized the Crypto Industry by establishing a blockchain payment service within its core applications. This new initiative increased digital currency adoption around Africa and the globe. Establishing a PayPal crypto wallet made things easier for crypto traders and users.
Paypal cryptocurrency officially became a practical concept, and its fast reach led to the massive adoption rate of crypto assets. By the end of the year, Paypal held more than $604 million in cryptocurrencies within its system for customer usage.
Paypal Cryptocurrency revolutionized blockchain adoption.
Paypal cryptocurrency was a looming concept that many within the ecosystem yearned for. Initially, the global payments service had sceptical opinions about incorporating crypto assets in Paypal and thus had o do throughout research on the concept and see its useability. Fortunately, on October 2020, the multi-million organization launched the Paypal cryptocurrency feature.
Jose Fernandez da Ponte, SVP, announced that the PayPal crypto wallet was fully operational and accessible to its users. He further claimed that the increased digital curency adoption rate was a sign that times were changing. However, Paypal was still sceptical about incorporating a Paypal cryptocurrency feature. Soon enough, after multiple requests from their users, Paypal essentially caved in and developed their blockchain payment service.
New Crypto wallet
The new crypto wallet would allow customers to transfer, buy and sell the supported coins within the blockchain payment services. Due to its rapid demand, customers who requested Paypal Cryptocurrency would support it. Customers who utilize PayPal crypto wallets would be responsible for network fees when they conduct external transfers. This feature depends on the blockchain technology used daily on the crypto assets. Any Paypal to Paypal crypto transactions had no fees.
Also, Read Paypal introduces cryptocurrency payments to encourage adoption.
Later, Paypal cryptocurrency led to the global franchise launching a Checkout with a Crypto feature. This feature would allow customers to check out at millions of online businesses using crypto assets supported in Paypal. This feature gradually led to the rapid expansion of digital currency adoption and Paypals over market value. Along the way, Paypal Cryptocurrency garnerd the attention of other organizations, and soon after, this blockchain payment service sparked multiple partnerships within Paypal.
Despite the turbulence over the past two years, Paypal’s blockchain payment service is steadily growing. While setting aside that PayPal aided digital curency adoption, Fernandez da Ponte also vividly believed in the web3 community. In an interview, he stated that Paypal cryptocurrency was between fiat curency and the global web3 environment. Their interoperable PayPal crypto wallets enable connectivity with over wallets, exchanges, and applications. Paypal cryptocurrency is a detrimental milestone in the growth of Web3, especially given the vast network reach of 429 million active accounts.
Paypal Cryptocurrency leads to franchise holding $604 million.
As 2022 came to a close and most organizations made statistical reports of the year’s progress, it held a total of $604 million worth of crypto assets; bitcoin (BTC), ether (ETH), Litecoin (LTC) and bitcoin cash (BCH). This was according to its annual report o the US Securities and Exchange commission.
Unsurprisingly, almost 90% of its total holdings divide between the top two cryptocurrencies; Bitcoin and Ether. Approximately $291 million in BTC, $250 million in ETH, and $63 million in Litecoin and Bitcoin cash.
Also, Read What crypto tokenomics is: An evaluation guide to crypto investors.
When comparing its initial holdings in September, which stood at $690 million, it is safe to say that Paypal cryptocurrency has proved its resilience. This figure represents the total volumes held before the crypto collapse occurred, and with less than a $100 million drop, the PayPal crypto wallet has proven its worth during the crisis.
Initially, the company did not disclose the figures concerning the exact holdings of Paypal Cryptocurrency. Unfortunately, given the FTX crash, most governments and legal organizations have a tight grip on anything remotely related to digital currency action. Kraken is a prime victim, and the US SEC recently fined it $30 million, and the court ordered it to shut down its staking service in the US due to violations of its stalking program.
To avoid any such issues, Paypal cryptocurrency readily availed such information. Paypal cryptocurrency accounts for 67% of the company’s total financial liabilities amounting to $902 million as of DEC 31st. According to the filing, the company’s comprehensive financial report, assets stood at more than $25 billion.
Conclusion
Despite the Paypal Cryptocurrency partnership being less than three years old, it has amassed a substantial amount that most blockchain payment systems still need to achieve. This is primarily due to the vast network reach of Paypal and the high demand for a secure and efficient blockchain payment system. The PayPal crypto asset feature has secured its position within the technological world, and its figures only increase as BTC tries to regain its value. Paypal cryptocurrency has revolutionized the digital currency adoption rate to heights previously unimaginable.
