PayPal takes bullish stock after first bitcoin quarter
Since last autumn, PayPal has enabled its US customers to access cryptocurrencies. Now the company presents its quarterly figures from this period. In addition, CEO Schulman provides an insight into the company’s further crypto strategy.
The online payment provider PayPal has presented its figures for the fourth quarter of 2020. The presentation was highly anticipated, as PayPal is known to have entered the crypto market for the first time during the quarter. This has not remained without consequences for the Bitcoin Trader price trend of Bitcoin & Co. There were a total of 16 million new PayPal users in the final quarter of 2020. The trading volume is an impressive 277 billion US dollars. Furthermore, the announcement let it be known that customers who bought cryptocurrencies via the platform logged into PayPal twice as often as before, when PayPal did not offer this service.
The volume of cryptocurrencies traded on our platform has far exceeded our forecasts. We look forward to building on this early success by allowing our customers to use their crypto assets as , according to Dan Schulman, PayPal’s CEO, on the company’s fourth-quarter earnings conference call. PayPal is already working with regulators and central banks to shape the „next generation of the financial system“, Schulman added.
There is no denying that PayPal is special because of its enormously high acceptance among both merchants and customers. A total of 29 million merchants worldwide accept PayPal as a means of payment. Studies show that many of them have become more open to payments in cryptocurrencies since the corresponding PayPal integration has been available.
PayPal wants to expand with crypto service
PayPal made its crypto integration official last October. For this purpose, the company entered into a partnership with the startup Paxos, as BTC-ECHO reported at the time. The services were available a few weeks after that announcement. Since 12 November, authorised users in the US have been able to access it.
Now Schulman hinted that the service will also be offered in other countries. A crypto integration of the popular payment app Venmo is also planned. According to Schulman, the financial world is at a turning point, which he intends to help shape with his company.