The CEO of PayPal Holdings, Daniel Schulman announced that they launched a new dedicated business segment to initiate the crypto arm.

Schulman made it public during PayPal’s earnings call on last Wednesday. He further said that they will focus much of their resources on blockchain and cryptocurrencies.

“We all know the current financial system is antiquated, and we can envision a future where transactions are completed in seconds, not days; a future where transactions should be less expensive to complete; and a future that enables all people to be part of the digital economy, not just the affluent. We are significantly investing in our new crypto, blockchain, and digital currencies business unit in order to help shape this more inclusive future.”

Q4-FY-20 – PayPal Earnings Release

The organization affirmed that they received a conditional license from the New York State Department of Financial Services (NYDFS), which allowed them entry into crypto markets.

Schulman further said;

“We also saw an exceptional response from our crypto launch, even with high initial expectations the volume of crypto traded on our platform greatly exceeded our projections. We are excited to build upon this early success by allowing customers to use their crypto balance as a funding source whenever they shop at our 29 million merchants. We anticipate the rollout of that capability to begin late this quarter, and we hope to launch our first international market in the next several months. These initial steps are just the beginning of an extensive road map around crypto, blockchain, and digital currencies.”

Q4-FY-20 – PayPal Earnings Release reported a net income of $1.5 billion during the Q4 of 2020 with an earning per share of $1.08. During this quarter the organization has managed to add 16 million net new active accounts. With this new number, the total active accounts have reached 377 million. The total number of new active accounts has reached 72.7 million net accounts for the fiscal year of 2020.