PayPal has released financial results for the first time since launching its crypto service — and the numbers are looking good.
The company’s CEO, Dan Schulman, said the volumes of crypto traded through its site “greatly exceeded” internal projections.
Only customers in the US can currently buy, sell and hold Bitcoin, Ethereum, Bitcoin Cash and Litecoin, but PayPal hopes to start expanding to international markets within months.
We also learned some interesting statistics about how the crypto service has affected user habits — with those who buy digital assets logging into PayPal twice as frequently as they did before.
Schulman also confirmed that PayPal will be “significantly investing in our new crypto, blockchain and digital currencies business unit in order to help shape this more inclusive future”.
He believes that crypto could help create a world where transactions can be completed in seconds rather than days — all while being a lot less expensive than they are now.
Of course, PayPal strong start in the crypto realm will have been helped along by the dramatic surge in BTC and ETH that we saw towards the end of 2020.
Annoyingly, we didn’t get specific figures that explain how many people were snapping up crypto in the fourth quarter. Nonetheless, there seems to be an “extensive roadmap” that will increase the number of features that this service has to offer, and merchants will soon be able to accept digital assets as a payment method.
PayPal was set to open Thursday up by 6.4% following on from the blockbuster results, taking its share price to $268. The company’s stock has more than doubled since this time last year.
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