According To Records, PayPal Has $1 billion In Cryptocurrencies
From quarter to quarter, PayPal’s digital asset amount has grown along with the crypto market.
According to a 10-Q statement with the Securities and Exchange Commission (SEC), online payments giant PayPal had nearly $1 billion worth of cryptocurrency on its balance sheet at the end of Q1 2023.
Customers Are Getting Good Deal
The filing, which was for the quarter ending March 31, 2023, showed that PayPal had $943 million worth of customers’ Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) on its bank sheet at that time. The only people who own its crypto are its users.
That’s a rise of 56%, or $339 million, in the amount of crypto assets owned by customers since the last quarter. This is mostly in line with the fact that Bitcoin went from $16,547 on December 31 to $28,478 on March 31—a 72% increase.
At the moment, the company has $499 million worth of BTC, $362 million worth of ETH, and $82 million worth of BCH and LTC.
In its 10-Q, PayPal said that its customers can buy, sell, receive, send, and keep cryptocurrencies, and they can use the money from the sales of those cryptocurrencies to buy goods and services at checkout.
“We maintain the internal recordkeeping of our customers’ crypto assets, including the amount and type of crypto asset owned by each of our customers,” PayPal said in the filing.
PayPal also said that customers will be fully protected against unauthorised purchases or sales of crypto and trades of crypto up to $50,000.
PayPal Supports Crypto
In June, the payments company made it possible for customers to move crypto assets to their own funds.
Dan Schulman, the CEO of PayPal, said at a web gathering in 2020 that he was “bullish on cryptocurrencies of all kinds” after admitting in 2019 that he owned Bitcoin.
In March 2022, he said that CBDCs, stablecoins, and digital wallets will “redefine a lot of the financial world going forward.”
Peter Thiel, who helped start PayPal, has shown a lot of respect for Bitcoin’s power in the past, saying that it could make the US dollar less strong around the world. But after HODLing for 8 years, his VC company sold all of its crypto holdings in 2023.
