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

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.

The post PayPal’s crypto assets increased in Q1 2023 up to nearly $1 billion appeared first on Crypto Reporter.

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