PayPal Discloses Nearly $1B in Crypto Holdings per Q1
Main page News, US Market, Crypto Market

An international payment giant PayPal disclosed in a recent 10-Q filing with the US Securities and Exchange Commission (SEC) it had $943 million in crypto as of March 31, 2023 (up $339 million from December 31, 2022).

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According to the filing, PayPal stored $499 million in bitcoin (EXANTE: Bitcoin), $362 million in ether (ETH) and $82 million in "other" crypto, suggesting bitcoin cash (BCH) and litecoin (LTC).

  • PayPal opened access to cryptocurrencies directly through accounts to US users in November 2020. The company added support for bitcoin, ether, litecoin and bitcoin cash to its mobile payment service Venmo in April 2021.

In March 2022, PayPal CEO Dan Schulman said during the Axis Tel Aviv 2022 event that cryptocurrencies and blockchain will eventually revolutionize the financial system as in the future all financial transfers will be done with CBDCs, stablecoins and cryptocurrencies.

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