Paypal disclosed in a Form 10-Q financial report that it is holding nearly $1 billion in cryptocurrency assets.
, with an additional $82 million in “other” cryptocurrencies that the company supports. Impressively, Paypal’s crypto cache has surged by a whopping $339 million since December 31, 2022, when digital currency values were significantly lower.
Paypal is currently supporting bitcoin, ether, bitcoin cash, and litecoin, with the payments giant relying on trusted third parties for certain custodial solutions. According to the 10-Q filing, these solutions involve “holding our customers’ cryptographic key information, securing our customers’ crypto assets, and protecting them from loss or theft, including indemnification against certain types of losses such as theft,” as detailed in Paypal’s SEC filing.
Our third-party custodian holds the crypto assets in a custodial account in Paypal’s name for the benefit of Paypal’s customers.
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