Global giant PayPal has announced that its cryptocurrency holdings are approaching an impressive milestone of $1 billion. This revelation comes shortly after other digit payments give way to the growth of cryptocurrencies and will undoubtedly cause a significant shift in the finance industry’s perception and adoption of digital assets.
Known for its dominance in the online payment ecosystem, PayPal made a foray into the cryptocurrency market in late 2020, allowing customers to buy, sell and hold cryptocurrencies directly on its platform and offering the likes of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). Customers of PayPal can seamlessly transact with these digital assets, leveraging the convenience and security provided by the platform’s infrastructure.
In its latest financial performance report, PayPal revealed that it holds $943 million worth of assets in BTC, ETH and LTC. “We maintain the internal recordkeeping of our customer’s crypto assets, including the amount and type of crypto asset owned by each of our customers,” PayPal said in its 10-Q filing.
The company’s user base, which already exceeds 429 million active accounts, now has the opportunity to dominate the cryptocurrency market and benefit even further from its growth. This groundbreaking holding from PayPal will likely encourage other major players in the industry to explore similar avenues opening doors for widespread adoption and integration of digital assets.
As the cryptocurrency market continues to evolve and mature, it will be interesting to witness how PayPal and other industry giants plan to shape the future of finance by embracing the immense potential of digital currencies. Will you be moving to cryptocurrency?