PayPal says its crypto efforts producing great results

Crypto Currency Signals / Crypto Signals by FxPremiere.com .During PayPal’s Quarter 1 2021 investor update call, president and CEO, Dan Schulman said digital assets had performed strongly for the company and that he believes crypto and central bank digital currencies will be a driving force in forging “a more equitable financial system.”

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“We believe the current technological underpinnings of our financial system will be substantially upgraded over the coming years,” Schulman said, adding this would help efforts to recover from the pandemic:

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The firm’s shares rose by more than 5% on Wednesday, April 5 in response to the earnings update, after PayPal revealed its per-share earnings had outperformed expectations by more than 20%, coming in at $1.22 each adjusted. PayPal’s $6.03 billion in revenue also exceeded predictions by 2%.

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Total payment volume was $20 billion more than expected, finishing the quarter at $285 billion. The firm also added 14.5 million new active accounts, bringing its user base to 392 million.

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The firm described its adoption of digital assets as bolstering the utility for cryptocurrency by enabling “millions of merchants around the globe” to accept crypto payments.

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PayPal says its crypto efforts producing great results

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PayPal says its crypto efforts producing great results