Payments giant PayPal has reported nearly $1 billion in “protection” for customers’ digital assets, despite a relatively recent entry into the market. This is stated in the report to the SEC.
According to the document, the bulk of the assets held by the company consists of $499 million in bitcoin and $362 million in Ethereum.
As of March, the total amount of funds deposited on the platform increased by $339 million compared to 2022.
Based on PayPal policy, the service does not store cryptocurrency directly in its wallets, but relies on third-party service providers.
The firm said it engages “third parties to provide certain security services” to its clients’ digital assets.
Recall that at the end of 2022, the value of the cryptocurrency purchased by PayPal customers amounted to $604 million. Of these, $291 million came from Bitcoin, $250 million from Ethereum, and the remaining $63 million from Bitcoin Cash and Litecoin.