PayPal reported revenues of $5.46 billion and adjusted earnings per share of $1.07 in the third quarter of 2020. Both were ahead of analyst expectations of $5.43 billion and $0.94, respectively.
TechCrunch detailed how the company plans to roll out it’s cryptocurrency program.
The company aims to support Bitcoin, Ethereum, Bitcoin Cash and Litecoin at first, initially in the U.S.
Speaking to investors during the earnings call, Schulman also noted when PayPal plans to bring crypto to more users and geographies. He said the ability to buy, sell and hold cryptocurrencies will first arrive in the U.S., then will roll out to international markets and the Venmo app in the first half of next year. (Currently, PayPal is offering U.S. users to join a waitlist for the new crypto features in-app).
“This solution will not involve any additional integrations, volatility risk or incremental transaction fees for either consumers or merchants, and will fundamentally bolster the utility of cryptocurrencies,”