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Cryptocurrency Made Paypal Stronger Than Ever

Prominent payment provider PayPal has stated a historic financial report in Q4 2020, after its conclusion to venture into the business of cryptocurrencies.

According to PayPal, 2020 is the firm’s best fiscal year, as its financial report for Q4 alone soared by 23.1%, which is equal to $6.12 billion.

In October 2020, PayPal announced its crypto service after it received a provisional license from the New York State Department of Financial Services (NYDFS), allowing its 346 million customers to buy, sell, and hold cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Since the drive was flagged off, the record discloses that the rate at which customers who purchased cryptocurrency via its platform logged in to the platform has doubled.

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Addressing in an interview today, Dan Schulman, CEO of PayPal, stated the firm has never been more appropriate and demanded than it is now, as users are displaying an improved interest in the firm’s services. 

PayPal’s historic record for the quarter, which is an advocate by the addition of crypto-related service, shows the world has “leapfrogged by three to five years into the next digital era,” Schulman added. 

During the 2020 fiscal year, the figure of active accounts on PayPal reached 72.7 million, with about 16 million recorded in Q4 alone, the report added. 

The firm also accomplished other feats, including a rush in total payment on its network, which increased by 39% to a record $277 billion within the last three months of 2020. 

With cryptocurrency investments being one of the key businesses that promoted PayPal’s earnings for the quarter, the company hinted at plans it has for the sector this year. 

PayPal plans to launch “cryptocurrency as a funding source” across 29 million merchants globally. 

The payment provider remarked that there would be no supplementary fee for blending the service, adding that it will settle all crypto transactions in fiat. 

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