Speaking to shareholders at the PayPal Holdings Inc.’s annual meeting, CEO Dan Schulman said Coinbase’s cryptocurrency exchange, which trades bitcoin and a few other major tokens, would not likely be integrated into PayPal’s digital wallet. But he suggested that PayPal was open to using cryptocurrencies in the future for the payments giant, which links its more than 200 million users to 164 million active accounts. “We certainly see the potential for digital currencies to play a very important role in the way money is used and moved around the world,” Schulman said.
PayPal CEO Dan Schulman said Wednesday that the company is still working on bringing crypto to its platform, and that the company sees ” really great results ” from the tests it’s been running.
The CEO of Paypal said that the company’s cryptocurrency business is doing very well. The first quarter was Paypal’s best quarter overall and the strongest year in the company’s history, the CEO said.
Paypal is doing very well in its efforts with crypto-currencies
Payment giant Paypal announced its first quarter results on Wednesday. During the company’s earnings conference call, Chairman and CEO Dan Schulman said the company reported first quarter revenue of $6.033 billion, a record increase of 31% overall and 29% on an FXN basis. He said it was the strongest year in Paypal’s history, and the first quarter was the strongest in the company’s history with record financial and operating results.
He also noted that Venmo continued its strong performance in the first quarter, with total payments of $51.4 billion, up 63% year-over-year. The CEO confirmed that during the quarter, the company introduced the ability for Venmo customers to buy, sell and own cryptocurrencies.
Both cryptocurrencies and digital currencies issued by central banks can play a key role in building a more inclusive economic recovery and a fairer financial system, Shulman said. Our leadership in all forms of digital currency is widely recognized and has facilitated many positive conversations with central banks, regulators and government officials around the world. He also confirmed that Paypal closed the deal to acquire Curv last month.
Shulman gave his opinion:
We are making huge tactical moves with crypto-currencies right now. And we’re happy about that.
The CEO also said that about half of our cryptocurrency users open the app every day.
Paypal’s chairman continued: If you look at the surveys done recently and look at millennials, about 74% of them expect to use cryptocurrencies in some way in the next year or two. Commercial profiles develop outside the plan. We will bring in things like goods and services to protect us.
He then spoke about the company’s new digital wallet, which he described as a versatile and personalized application that allows our users to make the most of their money and enhance their financial lives every day.
The CEO noted that we plan to launch our next generation digital portfolio in the third quarter: In the coming year, we will accelerate digital interactions with our clients through rapid innovation of our digital portfolio and trading platform.
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