PayPal CEO: Cryptocurrencies behind Recent Remarkable Performance
PayPal firm CEO praises cryptocurrencies as the firm’s revenues went over $6 billion in the first quarter of 2021. This impressive performance has surpassed the previous expectations.
You can agree that the crypto market is the only business brimming with moneymaking opportunities at this current market conditions. PayPal is among the corporations taking advantage of crypto gains to prosper.
PayPal Attributes its Success to Crypto
PayPal announced its interest to enable crypto payments last year. The news somehow divided the community. However, the platform adopted crypto. The firm enjoyed success allowing more than 350 million fresh users to access digital assets. PayPal did not have it easy in the financial markets as it initially failed to provide withdrawals. Users also complained about high fees.
PayPal enjoyed a massive following after the crypto engagement, according to a report from Q4 of 2020. In the statement, PayPal announced an increase of new active accounts amounting to 16 million.
In Q1 2021, the company has yet to hit another record, as new active customers grew by over 14.5 million. As a result, the company’s customer base extended to 400 million.
There is evidence that the company has enjoyed success after venturing into the crypto market. For instance, the firm’s net profit rose from $84 million to $1.1 billion since last year. The previous speculation by Refinitiv indicated that the company’s revenue would be around $5.9 billion, with a payment volume totaling %$265 billion.
PayPal exceeded bot expectations with a payment volume of $285 billion and $6.03 billion in revenue. Dan Schulman, PayPal’s CEO, attributed this success to the firm’s decision to adopt cryptocurrencies. The CEO further stated that about half of the cryptocurrency traders navigate through their PayPal accounts each day.
Venmo Adds Cryptocurrency Too
With its success, PayPal decided to add crypto services to one of its entities. According to a report, Venmo, a mobile transaction firm, allowed its more than 70 million users to hold, sell and buy different virtual products.
If you use Venmo, you can access assets like BTC, ETH, LTC, and BCH. The company promises to add more virtual products with time.
Will more companies offer crypto services after PayPal’s success story? Feel free to comment.
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