PayPal disclosed that it holds $943 million worth of customer assets in bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) on its balance sheet in a 10Q filing with the United States Securities and Exchange Commission (SEC). A 10Q filing is a quarterly financial performance report mandated by the SEC to disclose financial information. from the end of last year, the company reported an increase of $339 million in customer crypto assets. “We maintain the internal recordkeeping of our customers crypto assets, including the amount and type of crypto assets owned by each of our customers,” PayPal said in its 10Q.

The company does not hold cryptocurrencies outside of its customer assets on its balance sheet. While there’s no regulatory protection for crypto investors in the US yet, as per its terms and conditions PayPal said that it will protect customers from “the full amount of unauthorized purchase or sale activity,” following co-operation with the company. It will also reimburse customers for “unauthorized transfers” for a lifetime cap of $50000. The payments provider has introduced numerous crypto features to its customers in the past few years. It enabled customer transfers to third party wallets and exchanges in July 2022. It also recently rolled-out cryptocurrencies transfers on Venmo, the mobile payments services application. It allowed customers to move holdings to external wallets, while also letting users transfer crypto to others through the application.

Writer & Editor: Ravikant Upadhyay (+91.8085883358)

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Business International National Stock & Crypto Market
Keywords: $1B, Assets, Balance Sheet, Crypto Currency, Digital Currency, PayPal, sec, Wallet,