The majority of the fintech's crypto assets are in BTC and ETH, which are worth $499 million and $362 million, respectively
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PayPal, a company specialising in financial technology, recently sent a quarterly report to the US Securities and Exchange Commission that included specifics about the company's crypto holdings.
The report indicates a 56 percent growth over the company's previous quarter, in which PayPal disclosed a total of $604 million in crypto asset holdings, claiming a combined total of $943 million in crypto assets as of March 31, 2023.
This quarter, PayPal reported total financial liabilities of $1.2 billion, with crypto assets making up 77.9 percent of those liabilities. This is an escalation of more than 10% over the company's stated fourth-quarter liabilities in 2022.
The report states that due to the "unique risks connected with crypto assets," PayPal views its crypto holdings as a "safeguarding liability." The filing also reveals that the particular crypto assets held by the business have remained the same as in the previous quarter.
Customers of PayPal in particular areas are given the ability to buy, hold, sell, receive, and send specific crypto, as well as use the money from the sale of crypto to pay for items when they check out of an online store. Ethereum, Bitcoin, Bitcoin Cash, and Litecoin are the four crypto that make up this group, which PayPal refers to collectively as ‘our clients' crypto assets.