The world’s leading Online payments companies, PayPal Inc, gained 16 million in net new active accounts and handled $277 billion in total payment volume in the final quarter of 2020.
The online payment company hope to launch their first international market in the next several months as they continie building on their early success by allowing customers to use their crypto balance as a funding source.
The earnings are the payment giant’s first since rolling out crypto buying and selling late last year. It removed the waitlist for BTC, ETH, LTC and BCH to all of its 350 million users on Nov. 12, 2020.
According to report, PayPal’s transaction revenue increased by around 12% from Q3 to $5.7 billion. The company also notes it will recognize transaction revenue from its crypto buys, sell and hold product, but it will not include transactions related to crypto in its total payment volume.
PayPal CEO Dan Schulman said, The volume of crypto traded on the platform greatly exceeded Their projections on the company’s fourth-quarter earnings call.
The company has been working with regulators and central banks to shape the “next generation of the financial system,”
PayPal’s network of merchants may be more valuable than the trading services it can offer, said James Friedman, senior fintech research analyst at Susquehanna Financial Group.
Crypto trading for other companies like Square (SQ) has not been “that profitable when compare to paypal