Payment giant PayPal held hundreds of hundreds of thousands of bucks well worth of crypto assets final quarter, most of which have been Bitcoin (BTC) and Ethereum (ETH).
According to PayPal’s yearly fiscal report to the U.S. Securities and Exchange Commission (SEC), the payment platform had roughly $604 million in digital assets in the fourth quarter of 2022, together with $291 million in digital assets. la BTC and $250 million in ETH.
The filing also demonstrates that PayPal owns $63 million in other undisclosed digital assets. According to PayPal, it has been holding crypto assets to help its prospects.
“Due to the unique risks associated with cryptocurrencies, including technological, legal and regulatory risks, we acknowledge the responsibility to protect crypto assets to reflect our obligations in the protection of crypto assets held for the benefit of the client. This is included in accrued fees and other short-term liabilities on our consolidated balance sheet.”
Last December, PayPal announced a partnership with cryptocurrency enterprise ConsenSys to integrate PayPal into MetaMask, one particular of the most preferred crypto wallets in the globe.
MetaMask Product Manager Lorenzo Santos mentioned at the time that the partnership involving the two corporations will let MetaMask end users to not only very easily obtain and promote cryptocurrencies, but also interact with Web three applications. , this kind of as the non-fungible token marketplace (NFT). , decentralized finance (DeFi) platform and blockchain-based mostly game.
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