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May 10, 2023 01:43 | 1 minute read
PayPal Holdings Inc (NASDAQ:PYPL) disclosed in a 10-Q filing with the Securities and Exchange Commission, or SEC, on Tuesday that it holds nearly $1 billion in client assets in Bitcoin (CRYPTO:BTC) , Ethereum (CRYPTO: ETH ), Bitcoin Cash (CRYPTO: BCH) and Litecoin (CRYPTO: LTC) on its balance sheet.
What happened: However, not everyone in the cryptocurrency community seems impressed by this revelation, as Binance CEO Changpeng Zhao, commonly referred to as “CZ”, took to Twitter to express his displeasure.
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In a tweet posted on Tuesday, CZ wrote: While FUD is flying all over the place, PayPal gave a 4. In this context, 4 refers to the fear, uncertainty and doubt (FUD) that often surrounds discussions of security. cryptocurrency.
CZ has used term 4 many times in the past, meaning Ignore FUD, Fake News, Attacks, etc.
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Why it matters: The company reported a $339 million increase in customer crypto assets compared to the end of last year.
PayPal does not hold cryptocurrencies outside of customer assets on its balance sheet.
It should be noted that the company has introduced many crypto features to its customers, such as enabling customer transfers to third-party wallets and exchanges, crypto transfers on Venmo, and the ability to purchase Ether through PayPal to fund wallets.
Price Action: At the time of writing, BTC was trading at $27,708 up 0.27% in the past 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Trade Mixed Ahead of CPI Data: Warren Buffetts Big Stock Dump Bad Signal for King Crypto, Analyst Says
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