The cryptocurrency industry has provided PayPal with an enormous opportunity to disrupt is increasingly moving to the digital realm. In the latest development, the fintech giant revealed that its fourth-quarter profits had tripled from the year before.
PayPal reportedly registered that quarterly revenue surpassed a whopping $6 billion for the first time and that it expected revenue to grow around 19% in 2021, to over $25 billion. In fact, two of its new products, a cryptocurrency tool and a ‘buy now pay later’ feature, had reportedly exceeded the platform’s expectations.
PayPal’s Crypto Plans
PayPal also recently asserted that customers who purchase cryptocurrency have been logging into the platform at a rate 2x their login frequency prior to purchasing cryptocurrency.
In yet another crucial development, PayPal CEO Daniel Schulman disclosed the firm’s plans with respect to expanding its capabilities in the crypto-sphere.
As the COVOD-19 pandemic accelerated a new digital wave of change across almost every industry by 3-5 years, the profound and structural transformation cannot be ignored. Leveraging this, PayPal is all set to work towards an extensive roadmap around crypto, blockchain, and digital currencies. This also includes an all-new dedicated business unit for the crypto ambitions.
In the latest investor update, Schulman stated,
“We all know the current financial system is antiquated, and we can envision a future where transactions are completed in seconds, not days; a future where transactions should be less expensive to complete; and a future that enables all people to be part of the digital economy, not just the affluent.”
He went on to add,
“We are significantly investing in our new crypto, blockchain, and digital currencies business unit in order to help shape this more inclusive future.”
The exec also asserted that building upon this early success, the company’s mobile platform would soon evolve into a “superapp”, that would essentially “transcend payments and financial services.”
In addition, PayPal also plan to launch its first international market in the next several months.