Online payment processing company PayPal recently disclosed that it had increased its cryptocurrency holdings to approximately $1 billion.
The question is, how will PayPal’s $1 billion crypto holdings affect the crypto market? Take a closer look right here.
Why did PayPal announce it has nearly $1 billion worth of crypto holdings?
The main reason that PayPal – one of the world’s biggest fintech companies, revealed that it owned close to $1 billion in crypto holdings is that it had to disclose this financial information in a 10-Q quarterly financial performance report filing with the U.S. Securities and Exchange Commission (SEC).
It came to light that PayPal’s primary altcoins it holds are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). Using their cryptocurrency balance(s), PayPal customers can now use their accounts to pay for goods and services at the checkout.
PayPal account holders can also use their account to buy, hold and sell cryptocurrencies. The value is estimated to be worth approximately $340 million more than the same time last year (up 56% in Q1 alone).
The important thing to remember is that PayPal’s balance sheet does not hold any cryptocurrencies outside of its customer assets.
Where can I use PayPal and cryptocurrencies to pay for things online?
PayPal is primarily a payment processing company, more commonly referred to as a digital wallet. However, it’s also often referred to as a web wallet, e-Wallet, or electronic wallet. These different terms all mean the same thing.
PayPal can now be used at hundreds of thousands of land-based and online stores/merchants worldwide and at hundreds of top PayPal casinos.
For many people, it’s one of the most convenient, secure, and reliable ways to pay for things from a smartphone, tablet, desktop computer or laptop with Wi-Fi/internet connectivity. It eliminates the need for them to pay with bank transfers, credit and debit cards, or physical cash.
A growing number of websites also now accept certain major cryptocurrencies as a viable payment solution.
This means you can pay for your weekly groceries, top up your online gambling account and withdraw your winnings, and even pay for things like your Uber ride, plus many other things, using cryptocurrency.
Basically, wherever you see the PayPal logo or your preferred cryptocurrency symbol, such as BTC (Bitcoin), you know that it’s safe to use that payment option at the website’s checkout.
How will PayPal’s holdings affect the crypto market?
The news has been described by many as a huge development for the cryptocurrency sector in general. PayPal alone has more capacity than almost any other company to bring cryptocurrency into the mainstream and make it more accessible than ever before.
Mastercard is also helping to bring cryptocurrencies to mainstream users by partnering with several major crypto companies for its crypto Mastercard program.
PayPal will undoubtedly attract more people to sign up and start trading cryptocurrencies with them, so we will probably see their holdings increase exponentially over the coming year.
What are today’s best PayPal and crypto-accepting online casinos?
If you’re looking for a reliable online casino where you can use PayPal and certain cryptocurrencies for deposits and withdrawals, one of the most trusted websites you can turn to is the official Ask Gamblers site.
It currently has over 600 trusted reviews for today’s best crypto-accepting online casinos and over 440 trusted reviews for today’s best PayPal-accepting online casinos.
The top 10 PayPal casinos in 2023 are the following sites:
- Mr Green Casino
- Jackpot Joy Casino
- 32 Red Casino
- Betfred Casino
- Bet365 Casino
- LeoVegas Casino
- Videoslots Casino
- Trada Casino
- TonyBet Casino
- Mr.Play Casino
PayPal can be used at each of these sites for deposits and withdrawals. Now, let’s take a quick look at several trusted online casinos that currently accept one or more major cryptocurrencies.
The top 10 crypto casinos in 2023 are the following sites:
- TonyBet Casino
- BC. Game Casino
- RocketPlay Casino
- Syndicate Casino
- SpinsBro Casino
- SlotVibe Casino
- Oshi Casino
- Axe Casino
- Sportsbet.io Casino
- Privewin Casino
What are the best cryptocurrency exchange platforms and trading sites besides PayPal?
If you’re looking to invest in cryptocurrencies, such as Bitcoin, Ethereum, Ripple, Tether, Litecoin, DogeCoin, Cardano, Stellar, Solana, Polygon, Polkadot, Tron, or Avalanche, to name a few, but don’t want to trade via PayPal, then you may like to try some of these other trusted exchanges instead.
Examples include eToro, Kraken, Binance, ZenGo Wallet, and Coinbase Exchange. There’s also OKX, Gate.io, CoinDCX, PrimeXBT, and Crypto.com. They are easy to use, and the online registration & sign-up process usually takes under a minute to complete.