PayPal holds $943 million in cryptos dollars in its vaults, mostly in Bitcoin (BTC) and Ethereum (ETH).
Documents filed with the U.S. Securities and Exchange Commission (SEC) reveal that electronic payment giant PayPal holds nearly $1 billion in cryptos in its digital vaults.
PayPal reports a balance in cryptos of $943 million as of March 31, 2023, compared to $604 million in the previous quarter.
943 million dollars that are mainly held by its customers in Bitcoin (BTC) for 499 million dollars, and Ethereum (ETH) for 362 million dollars.
The rest is spread across the other cryptocurrencies accepted by the PayPal platform, Litecoin (LTC) and Bitcoin Cash (BCH).
Indeed, since 2020, the American fintech has allowed its US-based users to buy and sell digital assets like Bitcoin and Ethereum. It was expanding its service to the UK in 2021 and then to Luxembourg last year.
Also, PayPal has been offering the ability for its users to transfer tokens outside of its platform since the summer of 2022.
As part of its crypto trading services, PayPal recently stated that it protects its customers from unauthorized crypto purchases or sales, and from unauthorized bitcoin and crypto transfers up to $50,000.
Strong arguments that aim to reassure the general public and get them to store and trade crypto on its platform.