A Note on the Celsius Distribution from PayPal and Venmo

On January 31, over 150,000 people in the United States who were impacted by Celsius’ bankruptcy in 2022 became eligible to receive distributions of crypto into their PayPal and Venmo accounts. You can read more on how to receive these distributions from us here, and from Celsius here.

PayPal and Venmo are the platforms distributing Celsius funds to creditors in the United States. For the thousands of you who have already received crypto in your PayPal and Venmo accounts, we are grateful for your business and honored by your trust.

Our message is straightforward: welcome to PayPal and Venmo. We take your trust seriously. We know this is not an easy task. We know that crypto ecosystems benefit from the presence of trusted actors that can enable easy conduits between fiat and web3. We fundamentally believe in the power and the promise of blockchain technologies and the tokenization of value. And we believe that PayPal has a role to play. We hope you are willing to join us on this journey.

Should you choose to convert your distribution into fiat and keep it in your PayPal or Venmo account or withdraw it to your bank account, we are here to help. Should you choose to keep your distributed crypto in your PayPal or Venmo wallet, convert it to another crypto, convert it into PYUSD, move it onchain to an external wallet - we are also here to support the evolution toward payments on blockchain rails.

We ask you for the opportunity to serve you, and we take that seriously. We ask you to join the millions of users that we serve today for their crypto and stablecoin needs on PayPal and Venmo. Our customer service is available to you via phone, email, or chatbot. Under our Eligible Unauthorized Transactions program, we offer protections against unauthorized purchases, sales, and transfers of your crypto. We provide onchain transfers to external wallets on all our supported tokens, including PYUSD. The choice is yours, and we hope that you will choose to stay with us in this journey.

25 years ago, we asked the Internet community to let us serve them in the emerging world of digital payments. In 2020, we began a similar journey with crypto; in late 2023, we advanced that journey by launching our PYUSD stablecoin. Last week, we asked over 150,000 recipients who were distributed their Celsius claims to do the same. We hope to see you in this new era of crypto and tokenized value.

Jose Fernandez da Ponte
SVP Blockchain, Crypto, and Digital Currencies

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