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PayPal says its crypto efforts are producing 'really great results' on earnings call

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On PayPal's Quarter 1 2021 investor conference call, President and CEO Dan Schulman stated that digital assets performed strongly for the company, and he believes the company will be able to forge “a more equitable financial system”.

Following the success of PayPal’s move to embrace crypto assets, much of the call centered around the firm’s recent and future plans for digital assets.

“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:

“Both cryptocurrency and central bank-issued digital currencies can play a critical role in shaping a more inclusive recovery and a more equitable financial system.”

A CEO from the payments provider stated the company has a robust digital asset roadmap planned. 

“We’ve got a tremendous amount of really great results going on tactically with our crypto efforts,” he added.

PayPal’s $6.03 billion in revenue exceeded expectations by 2%. A total payment volume of $285 billion was finished at the end of the quarter, $20 billion more than expected.

According to Schulman, PayPal's adoption of digital assets “has been widely embraced,” referring to productive conversations with "central banks, regulators, and government officials around the world." In terms of the utility of utilizing digital assets, the firm explained that it would enable “millions of merchants around the globe” to accept crypto payments.

PayPal's Venmo app introduced buy, hold, and sell capabilities last month in addition to having transactions made in digital assets settled in fiat currency.

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. No rewrites were found

PayPal’s Venmo app also introduced buy, hold, and sell capabilities last month. PayPal's president and CEO Dan Schulman said during its Quarter 1 2021 investor call that digital assets had performed well for the firm and that he believes digital currency and crypto will be “making way for a more equitable financial system.” After PayPal embraced crypto, a good deal of the conversation focused on the firm’s new and ongoing plans for digital assets.

Schulman also noted the firm closed its acquisition of crypto asset custodian, Curv, last month, stating: “Curv's talented team will bolster our existing technology resources and accelerate our efforts to shape a new financial infrastructure that is efficient, low cost and inclusive.”

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 5/6/2021

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