PayPal Holding nearly $1 billion worth of crypto for their customers
PayPal, one of the largest electronic payments companies in the world, has recently revealed that it is holding almost $1 billion worth of cryptocurrencies on behalf of its customers. According to a filing with the U.S. Securities and Exchange Commission (SEC), PayPal reported that it is “safeguarding” $943 million in crypto assets as of March 31, 2023. The majority of these assets are bitcoin and ether, which account for $499 million and $362 million respectively.
The company, which also owns Venmo, started offering the option to buy, sell and hold cryptocurrencies on its platform in October 2022. Since then, it has expanded its crypto services to include the ability to transfer, send and receive cryptocurrencies between PayPal and other wallets and exchanges. PayPal has also obtained a full BitLicense from the New York Department of Financial Services (NYDFS), becoming the first company to do so.
PayPal’s involvement in the crypto space reflects its vision of building a more inclusive and effective financial system. By allowing its customers to interact with the broader crypto ecosystem, PayPal hopes to increase the utility and accessibility of digital currencies while complying with regulatory guidelines and best practices.