PayPal: Payment giant manages billions in cryptocurrency

Once a quarter, payment service PayPal must disclose its positions to the US Securities and Exchange Commission (SEC). The crypto assets have now grown to billions of dollars.

In a filing with the US Securities and Exchange Commission (SEC), payment giant PayPal has revealed that it manages $943 million in cryptocurrencies. According to the statement, most of the cryptocurrencies consist of bitcoin ($499 million) and ether ($362 million). However, PayPal does not hold its customers' assets itself. The company said it "employs third parties to provide certain custodial functions" including "back-up" of its customers' crypto assets.

Price increase results in more value

The reported amount, as of 31 March, was $339 million higher than at the end of the year. The price increases in Bitcoin and Ethereum are partly responsible for the new value. On 28 April, PayPal also announced that it would launch crypto transfers for its more than 60 million Venmo customers in May.