One of the world’s largest electronic payment providers established in the United States PayPalannounced that he has a large amount of crypto assets in his possession.
PayPal, American Securities and Exchange Commission to the SEC $943 million worth of digital assets in its latest report documents “that you protect” he stated. According to the payment giant’s last quarter report of 2022, he had 604 million dollars in crypto money. The 50% increase in value in the liability item in question attracted the attention of crypto experts.
Making a statement on the situation, PayPal officials emphasized that they do not actively use the crypto in their hands.
“We work with third-party organizations to secure and custodians of our clients’ crypto assets.”
Banks and financial institutions that provide custody services collect the deposits they hold under the heading of “liability” instead of “asset” as per accounting standards. The assets of banks generally consist of loans given.
What’s the Cause of the Increase?
Analyzing the increase in cryptocurrencies on the PayPal balance sheet, experts explained the reason for the 50% change with the market. According to experts, the increase in the market value of cryptocurrencies is the biggest reason for the growth in the item.
$499 million worth in the hands of payment service provider bitcoin and worth $362 million Ethereum exists.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!