{"id":243200,"date":"2021-05-06T05:44:57","date_gmt":"2021-05-06T02:44:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/paypal-says-its-crypto-efforts-are-producing-really-great-results-on-earnings-call\/"},"modified":"2021-05-06T05:44:57","modified_gmt":"2021-05-06T02:44:57","slug":"paypal-says-its-crypto-efforts-are-producing-really-great-results-on-earnings-call","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/paypal-says-its-crypto-efforts-are-producing-really-great-results-on-earnings-call\/","title":{"rendered":"# PayPal says its crypto efforts are producing ‘really great results’ on earnings call"},"content":{"rendered":"

“# PayPal says its crypto efforts are producing ‘really great results’ on earnings call <\/strong>”
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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 \u201ca more equitable financial system.\u201d<\/p>\n

Following the success of PayPal\u2019s move to embrace crypto assets, much of the call centered around the firm\u2019s recent and future plans for digital assets.<\/p>\n

\u201cWe believe the current technological underpinnings of our financial system will be substantially upgraded over the coming years,\u201d Schulman said, adding this would help efforts to recover from the pandemic:<\/p>\n

\u201cBoth cryptocurrency and central bank-issued digital currencies can play a critical role in shaping a more inclusive recovery and a more equitable financial system.\u201d<\/p><\/blockquote>\n

The CEO stated the payments provider has an extensive crypto roadmap planned, noting its digital asset innovations will be pursued \u201cin partnership with governments and in compliance with local, national and global regulatory frameworks.\u201d\u00a0<\/p>\n

\u201cWe\u2019ve got a tremendous amount of really great results going on tactically with our crypto efforts,\u201d he added.<\/a><\/p>\n

The firm\u2019s 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\u2019s $6.03 billion in revenue also exceeded predictions by 2%.<\/p>\n

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.<\/p>\n

Schulman asserted PayPal\u2019s adoption of digital assets \u201chas been widely embraced,\u201d noting productive conversations with \u201ccentral banks, regulators and government officials around the world.\u201d <\/p>\n

The firm described its adoption of digital assets as bolstering the utility for cryptocurrency by enabling \u201cmillions of merchants around the globe\u201d to accept crypto payments. However, transactions made in digital assets within PayPal\u2019s merchant network are currently settled in fiat currency.<\/p>\n

PayPal\u2019s Venmo app<\/a> also introduced buy, hold, and sell capabilities last month. PayPal noted that its 2020 Venmo Customer Behavior Study found that 30% of customers had already begun purchasing crypto assets \u2014 of which 20% began buying amid the coronavirus pandemic.<\/p>\n

Schulman also noted the firm closed its acquisition of crypto asset custodian, Curv, last month, stating: \u201cCurv’s talented team will bolster our existing technology<\/a> resources and accelerate our efforts to shape a new financial infrastructure that is efficient, low cost and inclusive.\u201d<\/p>\n