PayPal recently reported that it holds nearly $1 billion in cryptocurrencies on behalf of its customers. As of March 31, 2023, it “holds” $943 million in crypto assets. Most of those assets are bitcoin and ether, which account for $499 million and $362 million, respectively.

The company, which also owns Venmo, began offering the ability to buy, sell and hold cryptocurrencies on its platform in October 2022. It has since expanded its crypto services to include the ability to transfer, send and receive cryptocurrencies between PayPal and other wallets and exchanges. PayPal also received a full BitLicense from the New York Department of Financial Services (NYDFS), becoming the first company to do so.

PayPal’s involvement in the cryptocurrency space reflects its vision of building a more inclusive and efficient financial system. By allowing its customers to interact with the broader cryptoecosystem, PayPal hopes to increase the usefulness and accessibility of digital currencies while complying with regulations and best practices.