PayPal released its Q3 2021 financial results showing an increase in revenue and new active accounts as the firm plans on expanding crypto-related services.
The revenue of the financial giant grew by 13 percent in Q3. Moreover, the report by the firm, published on November 8, revealed that total payment volume for the payment platform reached $310 billion with 416 million active accounts. In addition, the firm confirmed that it plans to bolster its crypto offerings.
PayPal estimated that 55 million new active accounts will be added for all of 2021. This new addition 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.
Furthermore, seeing the surge of interest in crypto services, the firm confirms expanding its cryptocurrency offerings. And the step of these efforts was to enable customers of the U.K to buy, hold, and sell cryptocurrencies, which was introduced in September 2021.
PayPal to Introduce Cashback on Crypto Purchases
PayPal also plans to introduce cashback on crypto purchases. In addition, the firm also plans to enable Venmo credit card users for cashback. The financial company first added crypto services in its arsenal last year, which was greeted by 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.