In a quarterly report filed with the U.S. Securities and Exchange Commission (SEC), PayPal reported that the company’s crypto assets increased 56% in the first quarter of 2023.
As of March 31, 2023, the company had $943 million in total crypto assets in its accounts.
Of that, $499 million is in bitcoin and $362 million is in ether. PayPal had $604 million in crypto-assets in the previous quarter.
The company considers these crypto-assets a “protective obligation” because of the “unique risks associated with cryptocurrencies.”
“We allow our customers in certain markets to buy, hold, sell, receive and send certain cryptocurrencies, and use the proceeds of cryptocurrency sales to pay for purchases.
These cryptocurrencies include bitcoin, ether, Bitcoin Cash and lightcoin,” the company said.
Earlier this month, Block, the company behind the popular investment app Cash App, reported a marked increase in bitcoin sales through the app.
For the first quarter of 2023, volumes reached $2.16 billion. In March of this year, PLBY Group announced that it incurred a $4.9 million loss from the depreciation of its on-air assets in 2022.