Cryptocurrency NewsPayPal Holds Nearly $1 Billion in Cryptocurrency on its Balance Sheet

PayPal Holds Nearly $1 Billion in Cryptocurrency on its Balance Sheet

Online payments giant PayPal held nearly $1 billion worth of cryptocurrency on its balance sheet.

According to the document, PayPal has $943 million worth of customer Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) on its balance sheet as of that time. The filing was dated for the quarterly period ending March 31 2023. Other than its clients, none of its cryptocurrency belongs to anybody else.

Customer crypto assets have increased by $56%, or $339 million, from the previous quarter. This is roughly consistent with the 72% increase in Bitcoin’s value over that period, from $16,547 on December 31 to $28,478 on March 31.

The company’s current crypto breakdown consists of $499 million worth of BTC, $362 million in ETH, and the other $82 million in BCH and LTC.

In its 10-Q, PayPal stated that it allows users to buy, sell, receive, send, and hold the mentioned cryptocurrencies. Users can then use the money from their individual sales to pay for products and services at the checkout.


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