PayPal Safeguards Nearly $1 Billion in Crypto Assets Through Third-Party Custodians
PayPal, a major electronic payments company, has revealed that it is safeguarding almost $1 billion in cryptocurrency assets, with the bulk of it being made up of Bitcoin and Ether. The reported amount is an increase of $339 million compared to the previous period, likely due to the recent rise in the prices of these digital assets. However, PayPal does not actually hold the crypto assets itself, but instead relies on third-party custodial service providers to secure its customers' crypto assets. These third-party custodians hold the crypto assets in a custodial account in PayPal's name for the benefit of its customers.
PayPal Discloses $943 Million in Cryptocurrency Holdings increased by 56% in Q1 2023 to nearly $1B
PayPal, a financial technology company, has revealed its cryptocurrency holdings in a quarterly report filing to the Securities and Exchange Commission (SEC).
PayPal Announces Crypto Insurance To Protect Investors From FTX-Like Crisis
Financial services company PayPal has introduced voluntary Reg-E insurance coverage for crypto consumers, providing up to $50,000 in protection against unauthorized crypto transfers from their accounts. The insurance will only apply to unauthorized transactions and errors, and will help increase PayPal's user base while protecting customers from events such as hacks.
Paypal Upgrades Crypto Services to 60 Million Venmo Users, Allowing Transfers to External Wallets and Exchanges
Paypal has launched cryptocurrency transfer services for Venmo users, allowing them to send funds to an existing Paypal account, an external wallet, or a crypto exchange platform. Venmo previously only allowed customers to buy, hold, and sell cryptocurrency but now offers transfers following Paypal's crypto transfer launch last year.
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Venmo to Allow Customers to Transfer Cryptocurrency to Accounts, Wallets and Exchanges
The new feature is set to roll out to Venmo customers starting in May 2023
PayPal Subsidiary Venmo To Introduce Cryptocurrency Transfers
Venmo users will soon be able to transfer cryptocurrency, the payment app’s parent company PayPal said on April 28.
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Visa to Develop Brazilian Blockchain-powered CBDC Project; PayPal Extending Crypto Transfers to More Than 60 Million Venmo Customers
PayPal Extending Crypto Transfers to More Than 60 Million Venmo Customers
Nearly a year after PayPal allowed users to transfer crypto between its platform and other wallets, the company is set to roll out a similar feature for its more than 60 million Venmo customers located in the United States.
PayPal and the Credit Card Industry Are Taking Advantage of Consumers
More Americans are unable to pay their credit card bills in full at the end of the month, with 46% of credit cardholders carrying month-to-month debt, up from 39% in 2022. A recent report from the Federal Reserve Bank of New York highlighted how the current 15% year-to-year credit card balance increase represents the largest jump in more than 20 years.
