Benzinga - According to PayPal's financial records, the company holds roughly $1 billion in digital assets, principally Bitcoin (Crypto: BTC) and Ethereum (Crypto: ETH).The well-known financial payment company, led by CEO Dan Schulman, revealed in its most recent quarterly financial report that it had customer assets valued at $943 million in Bitcoin, Ethereum, and Litecoin (CRYPTO: LTC), an increase of $339 million from the end of the preceding year.
PayPal announced a total of $1.2 billion in cumulative financial commitments for the first quarter of this year, with crypto assets making up a staggering almost 78% of that amount, representing a rise of more than 10% from the liabilities reported in the fourth quarter of 2022.Paypal currently holds $362 million in ETH, $499 million in BTC, and $82 million in Bitcoin Cash (Crypto: BCH) and Litecoin in its cryptocurrency portfolio. Schulman said in March 2022 that digital wallets, stablecoins, and CBDCs will "redefine a lot of the financial world going forward."
Additionally, the co-founder Peter Thiel has long backed cryptocurrencies and digital assets. In light of this, even if there has been market uncertainty over the previous 18 months, Paypal's support for Bitcoin and other cryptocurrencies is unquestionably encouraging for the industry.
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