PayPal Increases Crypto Asset Investment

PayPal increases Bitcoin, Ethereum, and Litecoin ownership. (Photo; Doc. CoinCentral)

JAKARTA The largest online payment giant, PayPal is reportedly increasing its investment in cryptocurrencies. This can be seen from its crypto investment report which reached 943 million US dollars (Rp 13.9 trillion) in the first quarter of 2023.

This amount has increased rapidly compared to the amount of PayPal crypto investment in the previous quarter of US$604 million (Rp8.9 trillion).

For information, PayPal invested its funds in several crypto assets, namely Bitcoin worth US$499 million (Rp7.3 trillion), Ethereum US$362 million (Rp5.3 trillion), then Bitcoin Cash and Litecoin US$82 million (Rp1.2 trillion).

On the other hand, PayPal has also continued to expand its crypto services since launching it in the United States in 2021. This PayPal crypto investment service allows users to buy, store and sell cryptocurrencies directly through their PayPal accounts. However, PayPal does not really store crypto assets in their holdings, but relies on third parties to provide crypto asset security services.

However, the increase in PayPal crypto asset investment proves the company's confidence in the future of digital currencies. In addition, increasing PayPal investment in crypto assets can provide benefits for the crypto space itself.

Along with the increasing number of cryptocurrencies purchased and stored by PayPal, demand for these assets is increasing, which could ultimately boost the price of cryptocurrencies. The increase in PayPal crypto asset investment shows general acceptance of digital currencies and can be a big sign for the future of crypto assets.