- PayPal has released its latest earnings report, which highlights the impact of its crypto platform
- PayPal added 16 million new users to the platform and saw a 21% increase in revenue in Q4 2020
- CEO Dan Schulman also announced the formation of a “digital currencies business unit” to try and help reform the “antiquated” financial system
The latest PayPal earnings report for Q4 2020 has highlighted the impact of the company’s cryptocurrency offering as well as outlining some of the plans for 2021, which includes a business unit dedicated to crypto services. PayPal’s 12-week-old crypto offering helped onboard 16 million new customers and contributed to a $936 billion quarterly payment volume, a record quarter for the company, with plenty of plans revealed for 2021 that should excite the crypto community as far as potential retail adoption goes.
PayPal Crypto Platform Helped Onboard 16 Million New Customers
PayPal launched their cryptocurrency offering in November, and yesterday’s earnings report shows just how much of a difference it made, contributing to a 21% revenue increase and a 16 million new customer bounce in Q4 alone. PayPal CEO Dan Schulman acknowledged its performance on an investor call discussing the results, saying that “the volume of crypto traded on our platform greatly exceeded our projections”.
In a sign that the crypto platform was just the start of PayPal’s journey into the crypto markets, Schulman added that the company was “excited to build on this early success by allowing customers to use their crypto balance as a funding source”, adding that PayPal hoped to launch its first international market “in the next several months.”
Schulman Hopes to Revolutionize “Antiquated” Financial System
Schulman also pointed to the inadequacies in the existing financial markets, saying that a new digital currencies business unit was being established in order to try to change this:
We all know the current financial system is antiquated, and we can envision a future where transactions are completed in seconds, not days; a future where transactions should be less expensive to complete; and a future that enables all people to be part of the digital economy, not just the affluent. We are significantly investing in our new crypto, blockchain, and digital currencies business unit in order to help shape this more inclusive future.
It seems as though, somewhat unexpectedly given their attitude towards crypto in the past, PayPal could become one of the biggest drivers of retail crypto usage on the planet.
