PayPal recently disclosed its digital currency holdings inreportQuarterly filings with the United States Securities and Exchange Commission. with assets The cryptocurrency totaled $943 million as of March 31, 2023, a 56% increase from the company’s previous quarter’s $604 million.
PayPal’s total financial liabilities for the quarter reported $1.2 billion. Crypto assets accounted for 77.9%, a more than 10% increase from reported liabilities in the fourth quarter of 2022.
According to the report, PayPal considers crypto assets a “safeguarding liability” due to “the specific risks associated with cryptocurrencies.” cryptocurrencies” and also stated that cryptocurrencies held by the company has remained unchanged since the last quarter.
“We allow our customers in select markets to buy, hold, sell, receive and send certain cryptocurrencies. Including using the proceeds from the sale of cryptocurrencies to pay for goods. These cryptocurrencies include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin (collectively referred to as “cryptocurrencies”). ‘Our clients’ digital assets’)”
Custodianship of assets held by PayPal on behalf of customers remains limited to third party holding companies, and PayPal recognizes that this represents a liability to the customer in the event that the third party fails to process the transaction. can That’s a quote from last quarter’s filing. However, it also states that no such offense has yet been committed:
“As of March 31, 2023, no loss event has occurred, therefore the liability to protect crypto assets and related assets will be recorded at the same value.”
asset details Q1 2023 cryptocurrency for PayPal included $499 million of Bitcoin (up from $291 million in December), $362 million of Ether (up from $250 million), $82 million of Bitcoin Cash and Litecoin.
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