PayPal Customers Hold $500M Worth of Bitcoin On The Platform
The payments company uses a third-party custodian for safeguarding its user assets.
"A filing with the U.S. Securities and Exchange Commission PayPay revealed it is safeguarding $943 million in cryptocurrency. The bulk of the crypto being safeguarded is made up of $499 million in bitcoin and $362 million in ether."
"The reported amount, dated for the period ending March 31, was an increase of $339 million when compared to the previous period which ended at the end of 2022. The increase is likely partly attributed to the price of bitcoin and ether rising in recent months."
The company does not actually hold the assets itself but instead “third-party custodian holds the crypto assets in a custodial account in PayPal’s name for the benefit of PayPal’s customers.”
PayPal users can (and should) withdraw their assets into personal wallets since June 7, 2022.