Paypal says it exceeded previous expectations in its Q1 2021 financial results with revenues more than $6 billion. PayPal Attributes Q1 Consequently, the firm’s total user base rose to just shy of 400 million. A further increase was visible with net profit, which rose from $84 million to $1 billion.When PayPal announced its plans to enable multi-million users to interact with cryptocurrency assets last year, the community was divided. In one direction, PayPal allowed clients to access digital assets while, in another, it did not initially support withdrawals or as low as possible fees.In spite of this, it saw an immediate spike in crypto engagement, as seen in the company’s report for the fourth quarter of 2020.
This was followed by an overabundance of new active accounts – sixteen million. The situation repeated to a large extent in the first quarter of 2021, when the newly registered active users reached 14.5 million. Consequently, the firm’s total user base rose to just shy of 400 million. A further increase was visible with net profit, which rose from $84 million to $1 billion.
When PayPal broke the news last year with plans to enable its multi-million user base to interact with cryptocurrency assets, the community was somewhat divided. CEO Dan Schulman reported this substantial increase to his company's decision to incorporate cryptocurrencies.
“We have a great deal going on tactically with our crypto efforts.” In it, PayPal reported a massive uptick of new active accounts – 16 million.
The situation has repeated to a large extent in Q1 2021 as the newly registered active users grew by more than 14.5 million. Thus, the firm’s total user base expanded to just shy of 400 million.
No rewrites were found A senior vice president for the company called the event a significant milestone in adoption for crypto and Venmo.
However, the company exceeded both as the revenue was $6.03 billion, while the payment volume was $285 billion. The firm’s CEO, Dan Schulman, attributed this substantial increase to his company’s decision to add cryptocurrencies.
“We’ve got a tremendous amount of really great results going on tactically with our crypto efforts.”
PayPal reported a massive rise in new active accounts – 16 million. The situation has been repeated partially in Q1 2021 as the number of newly registered active users has grown by more than 14.5 million.
Venmo Adds Crypto Too
PayPal’s success story with cryptocurrency drove the company to add digital asset support for one of the entities it operates. As reported before, the mobile payment service firm Venmo enabled its more than 70 million users to buy, sell, or hold several virtual assets.
Throughout our crypto efforts, we’ve got a tremendous number of really awesome results to show for it.
The executive also said half of crypto traders open their PayPal accounts daily.Dan Schulman. The company’s GM outlined the event as a significant milestone in the adoption cycle for both digital assets and Venmo.