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Crypto Reporter

Online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies


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PayPal’s crypto assets increased in Q1 2023 up to nearly $1 billion

May 15, 2023 By Crypto Reporter

Financial technology company PayPal recently revealed its cryptocurrency holdings in a quarterly report.

The company has reported an increase of $339 million in customer crypto assets from the end of last year. Currently it holds $943 million worth of customer assets in bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) on its balance sheet.

“We allow our customers in certain markets to buy, hold, sell, receive, and send certain cryptocurrencies as well as use the proceeds from sales of cryptocurrencies to pay for purchases at checkout,” says official report. “We engage third parties, which are licensed trust companies, to provide certain custodial services, including holding our customers’ cryptographic key information, securing our customers’ crypto assets, and protecting them from loss or theft, including indemnification against certain types of losses such as theft.”

PayPal first launched its crypto offering in late 2020, allowing users to buy, sell, and hold four cryptocurrencies: BTC, ETH, BCH, and LTC. Two years later PayPal has enabled users to transfer, send and receive crypto from the platform to external wallets and exchanges.

More news:

  • PayPal to launch its own crypto wallet 
    PayPal to launch its own crypto wallet 
    August 4, 2021
  • PayPal expands cryptocurrency services to the UK
    PayPal expands cryptocurrency services to the UK
    August 28, 2021
  • PayPal now allows cryptocurrency transfers to external wallets
    PayPal now allows cryptocurrency transfers to external wallets
    June 8, 2022
  • Binance launches recovery fund for distressed crypto assets
    Binance launches recovery fund for distressed crypto assets
    November 26, 2022
  • Bitcoin network surpasses PayPal in volume processed
    Bitcoin network surpasses PayPal in volume processed
    November 29, 2021
  • Hedge funds plan to to hold 7% of assets in crypto in coming years
    Hedge funds plan to to hold 7% of assets in crypto in coming years
    June 17, 2021

Filed Under: General News, Latest News, News Tagged With: cryptocurrency, news, PayPal

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