{"id":20781,"date":"2023-05-11T00:58:02","date_gmt":"2023-05-11T00:58:02","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/1-billion-in-crypto-assets-holdings-are-predominantly-btc-and-eth-bitcoin-news\/"},"modified":"2023-05-11T00:58:02","modified_gmt":"2023-05-11T00:58:02","slug":"1-billion-in-crypto-assets-holdings-are-predominantly-btc-and-eth-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/1-billion-in-crypto-assets-holdings-are-predominantly-btc-and-eth-bitcoin-news\/","title":{"rendered":"$1 Billion in Crypto Assets, Holdings Are Predominantly BTC and ETH \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Payments behemoth Paypal has disclosed in a Form 10-Q financial report filed with the U.S. Securities and Exchange Commission (SEC) that it is holding nearly $1 billion in cryptocurrency assets. This news comes on the heels of Paypal\u2019s announcement that Venmo now facilitates external transfers of cryptocurrencies to wallets and exchange platforms.<\/strong><\/p>\n

Paypal\u2019s Crypto Holdings Increase in Value Since Dec. 31, 2022<\/h2>\n

Paypal\u2019s latest quarterly earnings report<\/a>, filed with the SEC, reveals that the payments giant is sitting on a substantial stash of bitcoin (BTC<\/a>) and ethereum (ETH<\/a>). As of March 31, 2023, Paypal\u2019s crypto holdings include $499 million in BTC<\/a> and $362 million in ETH<\/a>, with an additional $82 million in \u201cother\u201d cryptocurrencies that the company supports. Impressively, Paypal\u2019s crypto cache has surged by a whopping $339 million since December 31, 2022, when digital currency values were significantly lower.<\/p>\n

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 \u201cholding our customers\u2019 cryptographic key information, securing our customers\u2019 crypto assets, and protecting them from loss or theft, including indemnification against certain types of losses such as theft,\u201d as detailed in Paypal\u2019s SEC filing. The payments company\u2019s quarterly report adds:<\/p>\n

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Our third-party custodian holds the crypto assets in a custodial account in Paypal\u2019s name for the benefit of Paypal\u2019s customers.<\/p>\n<\/blockquote>\n

Paypal\u2019s latest quarterly report comes on the heels of its subsidiary, Venmo, announcing<\/a> support for external transfers to wallets and exchange platforms. Paypal itself rolled out external transfer support<\/a> in June 2022, and reported a surge in crypto usage<\/a> following its initial support for digital assets in 2021. Notably, both Paypal and Venmo offer a cash-back-to-crypto reward system, adding an extra incentive for users to engage with the world of cryptocurrencies.<\/p>\n

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BTC<\/a>, cash back rewards<\/a>, Cryptocurrency<\/a>, custodial solutions<\/a>, Digital Assets<\/a>, ETH<\/a>, external transfers<\/a>, financial report<\/a>, Paypal<\/a>, SEC<\/a>, Trusted third parties<\/a>, Venmo<\/a><\/div>\n<\/div>\n

What do you think the future holds for Paypal\u2019s crypto holdings and the wider adoption of digital assets in the traditional payments industry? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Primakov \/ Shutterstock.com<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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