A widely followed crypto analyst is predicting rallies for Bitcoin Cash (BCH), Litecoin (LTC), meme asset Pepe (PEPE) and one Ethereum (ETH) competitor. Pseudonymous crypto trader Kaleo tells his 593,100 Twitter followers that he believes that the Bitcoin (BTC)-hard fork BCH will continue the rally it sparked last month that saw it go around the $106 […]
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A leading crypto market analytics firm says Ethereum (ETH) is flashing a couple of bullish on-chain readings as the top altcoin bounces. Santiment notes that Ethereum’s supply on crypto exchanges as a percentage of its total supply just hit a fresh all-time low, indicating that sell-off pressure on the leading altcoin may be limited as […]
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An old-school Bitcoin (BTC) hard fork altcoin is making headlines this week after a listing on a brand new crypto exchange sent the asset’s price soaring. Bitcoin Cash (BCH), which was spun off from Bitcoin in 2017, is up 41% in the past 24 hours and more than 62% in the past week. The 20th-ranked […]
The post Old-School Bitcoin Hard Fork Altcoin Pumps by 82% This Week Amid Support From New Wall Street-Backed Exchange appeared first on The Daily Hodl.
Following the recent Bitcoin Cash upgrade on Monday, data reveals that approximately 1,308 fungible tokens and 25,336 non-fungible tokens (NFTs) have emerged on the blockchain. Moreover, the Cashtokens token ecosystem is now accessible through the blockchain explorers 3xpl.com and salemkode.com, allowing users to explore its potential. Bitcoin Cash Upgrade Unleashes Token Frenzy and Infrastructure Support […]
On May 15, 2023, the Bitcoin Cash network achieved another annual milestone by seamlessly integrating four cutting-edge features into its consensus ruleset. At precisely 1:24 p.m. UTC on Monday, the eagerly anticipated upgrade went live, marking a significant leap forward for the peer-to-peer electronic cash platform. Bitcoin Cash fans believe the transformative changes are set […]
The lion’s share of the fintech’s held cryptocurrency assets lie in BTC and ETH with $499 and $362 million respectively — up more than 56% since Q4 2022.
Financial technology company PayPal recently disclosed its cryptocurrency holdings in a quarterly report filing to the Securities and Exchange Commision (SEC).
Claiming a combined total of $943 million in cryptocurrency assets as of March 31, 2023, the filing shows a 56% increase over the company’s previous quarter where PayPal disclosed $604 million.
PayPal's reported total financial liabilities for this quarter were $1.2 billion, with crypto assets making up 77.9% — up more than 10% from 2022’s reported fourth quarter liabilities.
Related: PayPal crypto partner Paxos raises $300M
According to the report, PayPal considers its crypto assets a “safeguarding liability” due to the the “unique risks associated with cryptocurrencies.” The disclosure also indicates that the specific cryptocurrencies held by the company remain unchanged since last quarter:
"We allow our customers in certain markets to buy, hold, sell, receive, and send certain cryptocurrencies as well as use the proceeds from sales of cryptocurrencies to pay for purchases at checkout. These cryptocurrencies consist of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin (collectively, “our customers’ crypto assets”)."
Custody of the assets PayPal holds on behalf of its customers remains limited to third-party holding companies. PayPal recognizes that this presents a liability for customers in the event that third parties are unable to process transactions — a statement carried over from last quarter’s filing — however, the filing also indicates that no such fault has yet occurred:
“As of March 31, 2023, the Company has not incurred any safeguarding loss events, and therefore, the crypto asset safeguarding liability and corresponding safeguarding asset were recorded at the same value.”
The Q1 2023 cryptocurrency asset breakdown for PayPal includes $499 million in Bitcoin (up from December’s $291 million), $362 million in Ether (up from $250 million), and $82 million composed of Bitcoin Cash and Litecoin (up from $63 million).
PayPal's profitability also increased in the first quarter. On a GAAP basis, the company disclosed per-share earnings of $0.70, up from $0.43 in the first quarter of 2022. On a non-GAAP basis, PayPal's per-share earnings were $1.17, up from $0.88 in the first quarter of 2022.
Software developer Jason Dreyzehner says smart contracts “comparable to Ethereum,” but remarkably more efficient will be made possible by the May 15 upgrade coming to the Bitcoin Cash network. In other news, the world’s largest regional organization, the Shanghai Cooperation Organization (SCO) plans to switch to settlements in national currencies, moving away from the U.S. […]
Pro-freedom technologies advocate and software developer Jason Dreyzehner recently spoke with Bitcoin.com News via email about the upcoming Bitcoin Cash network upgrade on May 15. One of the most talked about improvement proposals set to go through on that date — which proponents view as a boon to economic freedom — is the Cashtokens CHIP. […]
As the Bitcoin Cash enthusiasts brace themselves for the much-awaited upgrade that vows to unleash decentralized applications, General Protocols revealed a complete production release of its decentralized hedging application, boasting a doubled contract size. Meanwhile, those utilizing the privacy-boosting protocol Cashfusion have fused over 17.4 million bitcoin cash since its inception, equivalent to a staggering […]
On April 14, 2023, the Department of Justice (DOJ) for the Southern District of New York revealed that the hacker responsible for the Silk Road marketplace breach had been sentenced to a year in prison for wire fraud charges. James Zhong stole more than 50,000 bitcoin from the darknet marketplace (DNM) in September 2012. DOJ […]