PayPal Holds $1 Billion in Customer Cryptos

As of the first quarter of 2023, the amount of digital currency held by PayPal, on behalf of its customers, was almost $1 billion.

This was reported to the Securities and Exchange Commission (SEC) in mid-spring.

The currency was composed of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Compared to the previous quarter, the value of the cryptocurrency increased by 56%.

For example, Bitcoin rose from $16,547 at the end of December to $28,478 by the end of the first quarter.

PayPal allows customers to buy, sell, and store cryptocurrency, as well as send coins to third-party wallets.