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> Their biggest asset is $3 billion in "funds held for customers", which, if they show that on their balance sheet, is not the property of the customer. It's mo
by hermitdev 4y ago
> Their biggest asset is $3 billion in "funds held for customers", which, if they show that on their balance sheet, is not the property of the customer. It's money they owe their customers. They're acting as a bank.
If they're showing those funds as an asset and not a liability, that's a not a good thing. They're claiming ownership of those funds... Personally I'd run away as fast as possible.
- hef19898 4y agoWithout further investigation it reminda me a lot of Wirecard...
- pgwhalen 4y agoThis comment (and Animats's parent comment) shows a fundamental misunderstanding of how a balance sheet works. Balance sheets balance: the funds are an asset, but there is a symmetrical liability due back to the customer.
- deleted 4y ago[deleted]