The PayPal application started to offer crypto money trading services to its customers in 2020, taking into account the interest and demand in cryptocurrencies. The new balance sheet of PayPal, which announced that it held $ 604 million in assets in Bitcoin and other cryptocurrencies as of the end of last year, attracted attention. In its 10-Q statement to the SEC, the company stated that it has $943 million in client assets on its balance sheet in Bitcoin, Ether, Bitcoin Cash, and Litecoin.
The 10-Q filing, which PayPal must submit to the SEC on a regular basis, is known as a quarterly financial performance report mandated by the SEC to disclose financial information. In this context, the company documented an increase of $339 million in crypto assets belonging to its customers as of the end of the previous year. As stated in 10-Q, PayPal is responsible for maintaining internal records covering the amount and classification of cryptocurrencies held by each customer.
PayPal has recently expanded its cryptocurrency service with additional features. The platform made it easy for customers to transfer funds to external wallets and exchanges in July 2022. PayPal’s other mobile payment app, Venmo, has also recently launched cryptocurrency transfers. This feature facilitated in-app crypto transfers between users, as well as allowing customers to transfer their assets to third-party wallets.