Cryptocurrency
PayPal Beats Crypto Target as Transaction Revenue Rises to $5.7 Billion in Q4 2020
PayPal Beats Crypto Target as Transaction Revenue Rises to $5.7 Billion in Q4 2020
PayPal Inc, one of the world’s leading payments companies, said it exceeded its target for crypto transactions in the fourth quarter of 2020.
The company said its new active accounts rose by 16 million and processed a $277 billion in total payment volume in the quarter.
PayPal said its transaction revenue rose by around 12 percent from the third quarter of 2020 to $5.7 billion in the final quarter.
While the company said it will recognise transaction revenue from its crypto buys, sell and hold product, it will not include crypto transactions in its total payment volume.
“The volume of crypto traded on our platform greatly exceeded our projections,” PayPal CEO Dan Schulman said on the company’s fourth-quarter earnings call. “We’re excited to build on this early success by allowing customers to use their crypto balance as a funding source. … We hope to launch our first international market in the next several months.”
Schulman added that PayPal is presently working with regulators and central banks to shape the “next generation of the financial system.”