PayPal revenue grew by 31% for the quarter thanks to cryptocurrency - up to $ 6 billion
The payment service allowed users in the United States to buy and store cryptocurrency in the fall of 2020.
PayPal reported for the first quarter of 2021: GAAP profit increased from $ 84 million to $ 1.1 billion, adjusted profit - by 85%, from $ 786 million to $ 1.5 billion. Revenue increased by 31%, from $ 4.62 to $ 6. 03 billion, writes CNBC.
PayPal revenue grew by 31% for the quarter thanks to cryptocurrency - up to $ 6 billion
The total volume of payments on the platform in the first three months of 2021 increased by 50%, to $ 285 billion. The number of active users increased by 14.5 million, reaching 392 million people.
PayPal CEO Dan Shulman noted that cryptocurrency was a key driver of growth for the company. According to him, half of the users open the PayPal app daily for cryptocurrency transactions.
Since October, PayPal customers from the United States can buy, sell and store cryptocurrencies - for this, the payment service has partnered with Paxos Trust Company. Residents of a number of other countries will have this opportunity in the first half of 2021.
In March 2021, the company bought a startup Curv to securely store cryptocurrency.
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