- PayPal has significantly increased its ‘safeguarding’ of crypto since the end of last year.
- The company mainly holds Bitcoin and ETH.
- PayPal admits it does not store the private keys of its crypto users.
Companies of the magnitude of MicroStrategy and Tesla have famously held large war chests of crypto. However, another household name with an impressive amount in its control is FinTech giant PayPal.
PayPal recently shared its quarterly report with the U.S. Securities and Exchange Commission (SEC), claiming $943 million in crypto—predominantly BTC and ETH.
Bulk BTC and ETH
In the Q1 filing, PayPal showed a 56% increase in its crypto holdings from Q4 last year. Bitcoin was the major coin, with $499 million held, while the company also declared $362 million in ETH. PayPal allows its users to transact with these two significant cryptos, as well as Bitcoin Cash and Litecoin.
