PayPal revealed that it has about a billion dollars in cryptocurrencies on its balance sheet in a 10-Q filing with the SEC.
The company said it holds on its balance sheet $943 million worth of customer assets in Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
The 10-Q filing is a quarterly financial performance report, which is mandated by the SEC for each company to disclose its financial information.
Cryptocurrency holdings increased
Since the end of last year, PayPal reported a $339 million increase in its customers’ cryptocurrency assets.
“We maintain internal recordkeeping of our customers’ cryptocurrency assets, including the amount and type of asset owned by each of our customers,” PayPal said in its 10-Q.
However, the company clarified that it does not hold cryptocurrencies on its balance sheet that are not customer assets.
Customer Protection
Although there is no regulatory protection for cryptocurrency investors in the US yet, PayPal – in accordance with its terms and conditions – says it will protect its customers from “all unauthorized buying or selling activity.”
It will also compensate its customers for “unauthorized transfers”, for a lifetime maximum of $50,000.
Services
The payment provider has introduced numerous cryptocurrency features to its customers in recent years, and in July 2022 it allowed its customers to transfer to third-party wallets and exchanges.
It also recently released the ability for cryptocurrency transfers on Venmo, its mobile payment services app. This allowed customers to move their portfolios to external wallets, while allowing users to transfer cryptocurrencies to others through the app.
ConsenSys, in December last year, integrated a feature that allows users to purchase Ethereum through PayPal to fund their wallets.
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