PayPal Talks about its Efforts and Gains from Cryptocurrencies

Just recently, PayPal held its investor update call for the first quarter of the year 2021. Dan Schulman who is the CEO of PayPal hosted the investor update meeting. Schulman had so much to talk about cryptocurrencies during the call, and how they have helped PayPal perform in the past months.

According to Schulman, cryptocurrencies have played a huge role in boosting the market value of PayPal. They have also helped in boosting the company’s revenues in the first quarter of 2021.

He stated that although the world may not see it now, they could see the public interest shifting in terms of currencies. There was a time when the cryptocurrency industry was considered volatile and untrustworthy.

However, PayPal’s contribution to the cryptocurrency sector could not be ignored anymore. According to Schulman, adopting cryptocurrencies was the need of the time. With the passage of time, the public’s interest in fiat currencies has shifted to digital currencies.

They are more interested in adopting cryptocurrencies and digital assets than stick to paper money. On top of that, the pandemic made it clear that the global economy had to switch from physical money to digital money in the coming years.

As per Schulman, the central bank’s digital currencies and digital assets would prove to be the future of finance. Therefore, PayPal has made the right move at the right time shifting its focus from fiat currencies to digital currencies.

Schulman also added that with the passage of time the financial system and its infrastructure is being upgraded. He stated that cryptocurrencies have made a huge difference in the global economy during the pandemic. That was the time when the entire world realized the importance of cryptocurrencies and how they could make a difference.

PayPal revealed that not only the cryptocurrency industry gained from PayPal’s interest in them but PayPal also gained much from its affiliation with the cryptocurrency industry.

PayPal revealed its growth and gains after adopting cryptocurrencies, and how much boost it has experienced since then with respect to its share prices.

According to PayPal, it experienced a 5% increase in its share prices. PayPal also revealed on Wednesday, that its earnings have also exceeded all expectations by 20%. The online payments giant revealed its revenue for the first quarter of 2021 was $6.03 billion.

The company has revealed that its revenue has also increased by 2% in the running year. On top of that, the total volume of payments was more than $20 billion in the first quarter of 2021.

PayPal was extremely excited about sharing its user base that has increased since it adopted cryptocurrencies. The firm announced its user base has increased by 14.5 million new active users since 2020. As of now, PayPal has 392 million users actively using its services.

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