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Bitcoin Helps PayPal Record Profits in 2020

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PayPal Cryptocurrency Is A Bad Idea…Here’s Why

Bitcoin Helps PayPal Record Profits in 2020

Bitcoin Helps PayPal Record Profits in 2020
CONTENT

  • PayPal announced record achievements in 2020

  • The volume of transactions and new wallets in the PayPal network has grown several times

  • Dan Shulman Confident Crypto Payments Will Replace Banking Transactions

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PayPal increased its profit from transactions by 55.9% or $ 5.9 billion. In many ways, the increase in profitability is due to the addition of cryptocurrencies to the payment system.

Bitcoin Helps PayPal Record Profits in 2020

PayPal transaction volume exceeded $ 277 billion

One of the most popular payment services in the world, PayPal, has released its final investor report for 2020. According to the document, over the past twelve months, the payment giant was able to show growth in almost all parameters, including the growth of transactions, donations, new accounts and wallets, as well as the growth of cross-border payments..

The sharp increase in the number of transactions on the PayPal network occurs in the third quarter of 2020, that is, immediately after the addition of the Bitcoin purchase function.

PayPal Report Data

Bitcoin Helps PayPal Record Profits in 2020

In the fourth quarter of 2020, the company increased the number of transactions by 36%, which in dollar terms is about 277 billion.

“The volume of cryptocurrency trading on our platform has significantly exceeded our forecasts. We are pleased to build on this early success by allowing clients to use their cryptocurrency balance as a source of funding. … We look forward to entering our first international market in the next few months, ”PayPal CEO Dan Shulman said in the company’s fourth quarter income statement..

The company announces the growth of new accounts and wallets, as well as an increase in the number of active wallets. At the end of the year, the number of wallets registered in the PayPal system is about 377 million. The largest increase in new registrations was noted in the fourth quarter of 2020. Over the past three months of the past year, the number of new registrations with PayPal increased by 137% compared to 2019.

PayPal Report Data

It is worth noting that the company has also increased its costs of introducing new technologies. Over the past three years, PayPal has spent over $ 732 million on new developments.

Increase your presence on the crypto market – task number 1

Talking about its plans for 2021, PayPal announces an increase in its presence in the cryptocurrency market. In particular, the company plans to increase the number of supported currencies, and is also considering the possibility of supporting CBDC Paper bills and coins may be a thing of the past due to a new financial instrument – digital currency of central banks (CBDC). As of … More.

“This is just the beginning of the opportunities that are opening up for us in the framework of joint work with regulators. I think that our platform, with its digital wallets and reach, will help make these currencies useful and practical. It’s about interoperability between different wallets and coins and integrating them into our global network of buyers and sellers, ”said Schulman.

Bitcoin Helps PayPal Record Profits in 2020

Dan Shulman himself believes that cryptocurrency payments are ready to become part of the global financial system, as they are carried out “faster, cheaper, more efficiently” in comparison with banking transactions..

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