paypal first started allowing customers to buy, hold, and sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin in late 2020. The new service allows customers to transfer these coins, including from crypto exchanges such as Coinbase Global Inc.
PayPal is moving away from a strategy of simply trying to add millions of new users and instead seeks to encourage existing customers to use its app more frequently. Average revenue per active account doubles for customers who use services other than the traditional checkout button that PayPal has long been known for. The company said customers open their wallets twice as often after signing up for crypto offers.
PayPal has also explored launching its own stablecoin and wants to connect users with web3, the catch-all term for decentralized finance, non-fungible tokens and other crypto applications, although no specific decision has been made. , said Fernandez da Ponte.
The recent downturn in the crypto market won’t stop PayPal from continuing to grow its crypto team.
“We believe that a substantial amount of commerce and payments will take place on digital currencies in the future, and we are playing the long game,” said Fernandez da Ponte.
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