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Crypto has come to stay. Once again, there is a strong signal in this regard. And again from PayPal, which was already responsible for the 2020 crypto hype. On PayPal’s Q4 2020 earnings call, CEO Dan Schulman revealed that “the volume of crypto traded on our platform greatly exceeded our expectations.” The online payment pioneer will continue to invest “significantly” in its new crypto, blockchain, and digital currencies business to “help share this more inclusive future,” in which everyone and not just affluent people have access to financial services.
In Q4 2020, PayPal recorded $277 billion in total payment volume and $6.1 billion in revenue. The payment provider is used by more than 375 million consumers and merchants in more than 200 markets.
Since November 2020, PayPal has been letting users buy, sell, and hold BTC, BCH, ETH, and LTC via its platform since November 2020. 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.