PayPal experienced the strongest quarter ever!
The CEO of PayPal stated that the company’s cryptocurrency business shows “really great results.” This year’s first quarter was PayPal’s best ever in total and it is the strongest year in the company’s history.
Paypal Achieves ‘Really Great Results’ in their Crypto Efforts
The payments giant reported its first quarter earnings last Wednesday. In the company’s earnings call, President and CEO Dan Schulman stated that his company “generated $6.033 billion of revenue in Q1, growing a record 31% spot and 29% on an FXN basis.”
He said this is the strongest year and Q1 is the “strongest quarter ever with record financial and operating results.”
He added that Venmo continued its strong performance in Q1 with $51.4 billion of total payment volume. It is up by 63% per year. The company “launched the ability for Venmo customers to buy, sell, and hold cryptocurrencies” in the last quarter.
“Both cryptocurrencies and central bank-issued digital currencies can play a critical role in shaping a more inclusive recovery and a more equitable financial system,” Schulman said. “Our 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.”
He confirmed that Paypal closed its acquisition of Curv from the past month.
Schulman concluded:
“We’ve got a tremendous amount of really great results going on tactically with our cryptocurrency efforts right now. And we’re excited about those.”
The CEO also revealed that “About half of our crypto users open their app every single day.”
More Strong Quarters to come?
The PayPal CEO added: “Obviously, if you look at again surveys that have come out recently and you look at millennials. Something like 74% of them anticipate that they’re going to use crypto next year in some way. Business profiles growing above plan. We’re going to be introducing things like goods and services by our protection.”
He then talked about the company’s new digital wallet, “an all-in-one personalized app that will empower our users to make the most of their money and strengthen their financial lives every day.”
Observing that “We expect to roll out our next-generation digital wallet in Q3,” the CEO elaborated saying “Over the coming year, we will accelerate our customers’ digital engagement through the rapid innovation of our digital wallet and merchant commerce platform.”
Paypal’s strongest quarter seems to affect the next quarters to come!
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