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Market Analysis Report (04 Feb 2021)

Date:

On PayPal’s Q4 2020 earnings call, the company’s CEO Dan Schulman revealed that “the volume of crypto traded on our platform greatly exceeded our expectations.”

The company, he said, will invest “significantly” in its new crypto, blockchain, and digital currencies business unit in order to “help share this more inclusive future,” in which everyone and not just affluent people have access to financial services.

In the fourth quarter of last year, PayPal recorded $277 billion in total payment volume and $6.1 billion in revenue, but cryptocurrency-related figures are calculated separately. PayPal has been letting users buy, sell, and hold BTC, BCH, ETH, and LTC via its platform since November 2020.

During the earnings call, Schulman said that users who purchased cryptocurrencies through PayPal were logging in at “a rate 2x their login frequency” before buying crypto. ItBit, the exchange PayPal uses for its cryptocurrency purchases, has seen trading volumes soar over the last few months.

Source: https://www.cryptocompare.com/email-updates/daily/2021/feb/04/

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