PayPal plans to expand crypto offerings as revenue grows 13% in Q3

PayPal’s third-quarter financial statistics have been announced, with revenue increasing by 13% this year.

According to the data, which was released on November 8, the payment platform’s total payment volume topped $310 billion, with 416 million active accounts. With net revenue of $6.18 billion, this marks a 26% increase.

The company’s user base grew somewhat, with 13.3 million new active accounts joining the platform. For the entire year of 2021, PayPal expects to add 55 million new active accounts. That would bring the total number of active accounts for the year to above 430 million.

The crypto market, on the other hand, will be especially interested in the performance of its crypto offerings, which were launched late last year.

Part of its strategic moves

PayPal acknowledges that it would extend its cryptocurrency products as part of its strategic ambitions.

One of these attempts was the introduction of the ability for United Kingdom clients to buy, hold, and trade cryptocurrencies in September 2021.

It also intends to provide cashback to cryptocurrency transactions, as well as the opportunity for Venmo credit card users to buy cryptocurrency using cashback from card buyers. Other crypto-related indicators are barely mentioned in the paper.

Last year, PayPal introduced cryptocurrency buying services, which were initially well received by the market. Many people believe that this will assist in scale adoption and attract a larger pool of investors.

Paypal CEO upbeat on crypto

Dan Schulman, the chief executive officer of PayPal, is similarly bullish on the crypto industry, claiming that it’s only a matter of time before it’s mainstreamed.

Despite a strong start of nearly $242 million in volume in the first 24 hours, there have been some setbacks since then.

One trader was banned for day trading utilizing the crypto service, so it didn’t get off to the best start. The inability to migrate assets off the platform has been a source of criticism.

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