PayPal’s CEO Credits 2021’s Q1 Earnings to Cryptocurrencies

As major global firms continue to make their 2021’s first-quarter earnings report, the CEO of the American payment giant, PayPal, credited the company’s outstanding performance to the cryptocurrencies, which triggered a significant increase in user activity.

With an impressive revenue of more than $6 billion, the payment company’s earnings crossed the expectations. Even though PayPal last year announced introducing a system of interacting with digital tokens, most people were somewhat skeptical about the move.

Besides, the introduction of cryptocurrencies allowed as many as 350 million new users to access the digital tokens. Soon after PayPal’s announcement, the crypto engagement at the platform skyrocketed, as evident in the company’s last year’s fourth-quarter report.

Plus, the payment giant also recorded a 16 million uptick in new users. Not only that, the new users also increased by a 14.5 million in the first quarter of this year, with the company’s total user base touching the 400 million mark.

Following its parent company steps, Venmo, the prominent American mobile payment app, also provided its 70 million users access to crypto assets. Currently, the company provides access to Bitcoin, Litecoin, Bitcoin Cash, and the second most popular digital asset, Ethereum.

The company said in a statement that they took the decision in response to increasing demands from its users eager to participate in the growing crypto market.

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