The CEO of Paypal has revealed that the companyâ€™s cryptocurrency business is showing â€œreally great results.â€ The first quarter was Paypalâ€™s best quarter ever overall and the strongest year in the history of the company, the CEO emphasized.
Paypal Sees â€˜Really Great Resultsâ€™ in Its Crypto Efforts
Payments giant Paypal reported its first-quarter earnings Wednesday. During the companyâ€™s earnings call, President and CEO Dan Schulman said his company â€œgenerated $6.033 billion of revenue in Q1, growing a record 31% spot and 29% on an FXN basis.â€ He said this is the strongest year in Paypalâ€™s history and Q1 was the â€œstrongest quarter ever with record financial and operating results.â€
He also noted that Venmo continued its strong performance in Q1 with $51.4 billion of total payment volume, up 63% year over year. The executive reiterated that the company â€œlaunched the ability for Venmo customers to buy, sell, and hold cryptocurrenciesâ€ during the quarter.
â€œBoth cryptocurrencies and central bank-issued digital currencies can play a critical role in shaping a more inclusive recovery and a more equitable financial system,â€ Schulman said. â€œOur leadership in all forms of digital currency has been widely embraced, enabling numerous positive conversations with central banks, regulators, and government officials around the world.â€ He also confirmed that Paypal closed its acquisition of Curv last month.
The CEO further revealed that â€œAbout half of our crypto users open their app every single day.â€
The Paypal president continued: â€œObviously, if you look at again surveys that have come out recently and you look at millennials, something like 74% of them anticipate that theyâ€™re going to use crypto in the next year or two in some way. Business profiles growing above plan. Weâ€™re going to be introducing things like goods and services by our protection.â€
He proceeded to talk about the companyâ€™s new digital wallet, which he described as â€œan all-in-one personalized app that will empower our users to make the most of their money and strengthen their financial lives every day.â€
Noting that â€œWe expect to roll out our next-generation digital wallet in Q3,â€ the CEO detailed that â€œOver the coming year, we will accelerate our customersâ€™ digital engagement through the rapid innovation of our digital wallet and merchant commerce platform.â€
What do you think about the Paypal CEOâ€™s comments about cryptocurrency? Let us know in the comments section below.
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