PayPal has released its third-quarter financial results, with revenue growing by 13% in Q3 2021. The report, published on Nov 8, revealed that total payment volume for the payment platform reached $310 billion with 416 million active accounts. That represents a growth of 26%, with net revenue touching $6.18 billion. The firm confirmed that it plans to bolster its crypto offerings.
PayPal confirmed that it would expand its cryptocurrency offerings.
PayPal estimates that 55 million new active accounts will be added for all of 2021. That would put the year’s count at over 430 million active accounts. But the crypto market will be most interested in hearing the performance of its crypto offerings, which was introduced late last year. As part of its strategic initiatives, PayPal confirms that it will expand its cryptocurrency offerings. One of these efforts was the ability for U.K. customers to buy, hold and sell cryptocurrencies, which was introduced in September 2021.
PayPal plans to introduce cashback to crypto purchases.
PayPal also plans to introduce cashback to crypto purchases and the ability for Venmo credit card users to purchase crypto using cashback from card purchasers. The report does not make much mention of any other crypto-related metrics. The firm first added crypto buying services in 2020, which the market initially met with enthusiasm. Many stated that this would help scale adoption and rope in a wider swathe of investors. PayPal’s CEO, Dan Schulman, was also optimistic about the crypto market, saying that it was a matter of time before it was adopted.