PayPal Holdings Inc PYPL on Tuesday disclosed in a 10-Q filing with the Securities and Exchange Commission, or SEC, that it holds nearly $1 billion worth of customer assets in Bitcoin BTC/USD, Ethereum ETH/USD, Bitcoin Cash BCH/USD and Litecoin LTC/USD on its balance sheet.
What Happened: However, not everyone in the cryptocurrency community seems impressed with this disclosure, as Binance CEO Changpeng Zhao, popularly called as "CZ," took to Twitter to express his dissatisfaction.
In a tweet posted on Tuesday, CZ wrote, “While FUD flying everywhere, PayPal did a 4.” In this context, “4” refers to the fear, uncertainty, and doubt (FUD) that often surrounds discussions of cryptocurrency.
CZ has used the term “4” repeatedly in the past, which means “Ignore FUD, fake news, attacks, etc.”
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Why It Matters: The company reported an increase of $339 million in customer crypto assets from the end of last year.
PayPal does not hold cryptocurrencies outside of its customer assets on its balance sheet.
It is worth noting that the company has introduced numerous crypto features to its customers, such as enabling customer transfers to third-party wallets and exchanges, crypto transfers on Venmo, and the ability to buy ether via PayPal to fund wallets.
Price Action: At the time of writing, BTC was trading at $27,708 up 0.27% in the last 24 hours, according to Benzinga Pro.
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