PayPal Holds Crypto Worth Nearly $1B for Its Users.

One of the leading electronic payment firms, PayPal, has recently confirmed that it holds crypto worth about $1 billion for its customers.

PayPal has recently confirmed that it holds customer crypto worth nearly $1 billion. Which is a big deal for the crypto market. As one of the biggest online payment platforms globally, PayPal has the power to increase the accessibility and acceptance of cryptocurrencies among mainstream users. In addition, the filing with the United States SEC showed PayPal safeguards $943 million in cryptocurrency as of 31 March 2023. Most of these tokens are BTC and ETH, accounting for $499M and $362M, respectively.

 

PayPal’s Quarterly Report

The firm (which owns Venmo) launched the option to purchase, hold, and sell digital coins in October 2022. PayPal has since then expanded its offerings. For instance, it started supporting transfer, receiving, and sending crypto between PayPal and different exchanges and wallets. Moreover, the payment giant acquired a Bitlicense from NYDFS (New York Department of Financial Services) – the first firm to do that.

PayPal’s move into the cryptocurrency world shows its motive of ensuring an effective and more inclusive financial system. PayPal targets to heighten cryptocurrency accessibility and utility while adhering to regulatory rules and the market’s best practices as it allows clients to explore the broad cryptocurrency industry.