Paypal Crypto Shows ‘Very Strong Results’ Amid Strongest Quarter All-Time, Says CEO – Featured Bitcoin News
The CEO of Paypal revealed that the company’s cryptocurrency business is showing “very good results.” The first quarter was the best quarter ever recorded by Paypal and the strongest year in the history of the company, underlined the CEO.
Paypal sees ‘very good results’ in its crypto efforts
Payments giant Paypal announced its first quarter results on Wednesday. During the company’s earnings call, President and CEO Dan Schulman said his business “generated $ 6.033 billion in first-quarter revenue, with record growth of 31% in cash and 29% on an FXN basis ”. He said it was the strongest year in Paypal history and that the first quarter was the “best quarter in history with record financial and operational results”.
He also noted that Venmo continued its strong performance in the first quarter with $ 51.4 billion in total payment volume, up 63% year-over-year. The executive reiterated that the company “launched the ability for Venmo customers to buy, sell and hold cryptocurrencies” during the quarter.
“Cryptocurrencies and digital currencies issued by the central bank can play a critical role in shaping a more inclusive recovery and a more equitable financial system,” said Schulman. “Our leadership in all forms of digital currency has been widely adopted, enabling many positive conversations with central banks, regulators and government officials around the world.” He also confirmed that Paypal closed its acquisition of Curv last month.
Schulman was of the opinion:
We have a huge amount of very good tactically going on with our cryptocurrency efforts right now. And we are delighted.
The CEO further revealed that “About half of our crypto users open their apps every day.”
The president of Paypal continued, “Obviously if you look again at the polls that were released recently and look at millennials, something like 74% of them predict that they are going to use crypto in a year or two one way or another. Company profiles are growing above the plan. We will introduce things like goods and services by our protection. “
He then spoke about the company’s new digital wallet, which he described as “an all-in-one personalized app that will allow our users to get the most out of their money and strengthen their financial lives every day.”
Noting that “we plan to roll out our next-generation digital portfolio in the third quarter,” the CEO explained, “In the coming year, we will accelerate the digital engagement of our customers through rapid innovation of our digital wallet and our e-commerce platform. ”
What do you think of Paypal CEO’s comments on cryptocurrency? Let us know in the comments section below.
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