PayPal, a financial technology company, has released its quarterly holdings through a United States Securities and Exchange Commission-based quarterly report, as stated by Cointelegraph.
According to Cointelegraph, as of March 31, 2023, PayPal comprised $943 million worth cryptocurrency assets. It’s believed that the figure represented a 56% rise with regard to the company’s previous quarterly earnings, during which the company clocked $604 million. Reportedly, PayPal witnessed total financial liabilities worth $1.2 billion for the quarter, with crypto assets comprising 77.9%.
“We allow our customers in certain markets to buy, hold, sell, receive, and send certain cryptocurrencies as well as use the proceeds from sales of cryptocurrencies to pay for purchases at checkout. These cryptocurrencies consist of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin (collectively, ‘our customers’ crypto assets’),” PayPal stated.
Based on Cointelegraph’s information, PayPal’s customer-oriented assets remain restricted to third-party platforms. From what it’s understood, PayPal has highlighted a liability for customers in case third parties fail to process transactions. “As of March 31, 2023, the Company has not incurred any safeguarding loss events, and therefore, the crypto asset safeguarding liability and corresponding safeguarding asset were recorded at the same value,” PayPal’s filing mentioned.
Moreover, Cointelegraph noted that for Q1, 2023, PayPal consists of $499 million worth Bitcoin, $362 million worth Ether, and $82 million worth Bitcoin Cash and Litecoin.
(With insights from Cointelegraph)
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