• PayPal held $943 million worth of customers’ Bitcoin, Ethereum, Bitcoin Cash and Litecoin on its balance sheet.
• It is largely in line with Bitcoin’s 72% rise in that period, from $16,547 to $28,478.
• The company allows customers to buy, sell, receive, send and hold cryptocurrencies and use the proceeds for purchase goods and services.
PayPal Holds Over $1 Billion in Crypto
PayPal has held an impressive amount of cryptocurrency on its balance sheet at the end of Q1 2023: nearly $1 billion worth of customer’s Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). The 56% increase from the previous quarter is largely in line with Bitcoin’s 72% rise during that time.
Crypto Services Offered by PayPal
PayPal offers its customers a range of crypto services. Customers can buy, sell, receive and send these digital assets as well as hold them in their accounts. Furthermore, they can use the proceeds from their sales to purchase goods and services at checkout. PayPal keeps track of all customer’s crypto assets including their type and quantity owned by each customer.
Rise In Crypto Adoption
This news comes shortly after PayPal announced plans to expand its cryptocurrency offerings earlier this year. This includes allowing US users to pay for online purchases directly with crypto as well as providing more ways for merchants to accept digital payments globally. This suggests that there is growing demand for digital currencies among consumers worldwide which could lead to further adoption by other major companies across different industries.
Competition Among Payment Providers
With PayPal leading the way in terms of offering crypto services it is likely that other payment providers will soon follow suit if they haven’t already done so given the increasing popularity of digital currencies amongst consumers worldwide. This could result in increased competition amongst these companies which could ultimately benefit customers due to potential lower fees or better incentives being offered as a result.
In conclusion, it is clear that PayPal continues to be one of the most popular payment providers when it comes to offering cryptocurrency related services both domestically and internationally due to its current market dominance over competitors within this space coupled with its commitment towards increasing consumer acceptance through innovation within this sector.