PayPal’s digital asset balance has appreciated alongside the crypto market from quarter to quarter.
Online payments giant PayPal held nearly $1 billion worth of cryptocurrency on its balance sheet by the end of Q1 2023, according to a 10-Q filing with the Securities and Exchange Commission (SEC).
Customers Crypto in the Green
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.
PayPal explained in its 10-Q that it lets customers buy, sell, receive, send, and hold said cryptocurrencies, and use the proceeds from their respective sales to purchase 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 it will fully protect customers from unauthorized crypto purchases or sales, and from unauthorized crypto transfers up to $50,000 lifetime.
PayPal’s Crypto Support
In March 2022, he added that CBDCs, stablecoins, and digital wallets will “redefine a lot of the financial world going forward.”