New Reports In: PayPal Held Over $600,000,000 Worth of Crypto Last Quarter
Accoridng to the latest reports it seems that PayPal managed to hold in their accounts $600M worth of crypto. These were mostly BTC and ETH. PayPal financial crypto reports It’s been just revealed that the payments giant...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Accoridng to the latest reports it seems that PayPal managed to hold in their accounts $600M worth of crypto. These were mostly BTC and ETH.
PayPal financial crypto reportsIt’s been just revealed that the payments giant PayPal held hundreds of millions of dollars worth of crypto assets last quarter, most of it being Bitcoin (BTC) and Ethereum (ETH).
According to PayPal’s annual financial report to the U.S. Securities and Exchange Commission (SEC), “the payments platform held about $604 million worth of digital assets, including $291 million worth of BTC and $250 million worth of ETH, in Q4 2022.”
The records also indicated that PayPal held $63 million of other unnamed digital assets. According to PayPal, it held onto crypto assets as a means of benefiting its customers.
“Due to the unique risks associated with cryptocurrencies, including technological, legal, and regulatory risks, we recognize a crypto asset safeguarding liability to reflect our obligation to safeguard the crypto assets held for the benefit of our customers, which is recorded in accrued expenses and other current liabilities on our consolidated balance sheet.”
Back in December we revealed the fact that according to a recent announcement that has been released by MetaMask, the crypto wallet developed by Ethereum would be integrating PayPal into its platform in order to provide investors in the US with an easy way to buy ETH, according to the latest reports.
Here are some of the very important quotes that have been revealed by the online publication the Daily Hodl:
“Today, ConsenSys, a market-leading Web3 company, announced that US MetaMask users will be able to purchase crypto (ETH) from within the app using PayPal. MetaMask will be the first Web3 wallet to leverage PayPal to drive more successful on-ramp transactions.”
Stay tuned for more news and make sure to check out the crypto markets as well.
The post New Reports In: PayPal Held Over $600,000,000 Worth of Crypto Last Quarter first appeared on CryptoGazette - Cryptocurrency News.Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Ex-FBI Agent’s Plea Puts Crypto Theft at $2.47 Million, Over Twice What He First Told the FBI
Patrick Steven Yaroch, a 37-year-old former FBI agent from Ashburn, Va., pleaded guilty on Nov. 5 to wire fraud and money launderi...
Strive (ASST) Posts $474.8 Million Common Net Income as Bitcoin Yield Hits 63.2%
Bitcoin Magazine Strive (ASST) Posts $474.8 Million Common Net Income as Bitcoin Yield Hits 63.2% Strive reported $474.8 million o...
Strive reports $509 million Q3 income as Bitcoin gains hit $534 million
Strive's strong Bitcoin yield and strategic equity offerings highlight its robust growth potential, but reliance on Bitcoin's valu...
BlackRock ETF clients sold $104.97 million worth of Bitcoin
Investor withdrawals from BlackRock's Bitcoin ETF may signal waning confidence in Bitcoin's short-term price stability and market...
Former FBI Agent Pleads Guilty to Stealing $2.47 Million in Crypto From Investigations
Bitcoin Magazine Former FBI Agent Pleads Guilty to Stealing $2.47 Million in Crypto From Investigations A former FBI agent pleaded...
Binance Hackers Swap About $50 Million of Stolen XRP Mostly Into Bitcoin, Elliptic Says
Bitcoin Magazine Binance Hackers Swap About $50 Million of Stolen XRP Mostly Into Bitcoin, Elliptic Says Hackers tied to the recor...