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PayPal 2020 Results: ‘Outstanding Finish to a Record Year’

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Nathan DiCamillo
·1 min read
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In the final quarter of 2020, PayPal gained 16 million in net new active accounts and handled $277 billion in total payment volume.

The earnings are the payment giant’s first since rolling out crypto buying and selling late last year. It removed the waitlist for BTC, ETH, LTC and BCH to all of its 350 million users on Nov. 12, 2020.

Customers who purchased crypto through the platform have been logging into PayPal twice as much as they were before buying crypto, the company said in its investor update.  

Related: Taproot Update: Bitcoin Users Home In on Activation Plan, Date Still TBD

PayPal’s transaction revenue increased by around 12% to $5.7 billion. The company also notes it will be reporting transaction volume from crypto as transaction revenue and not in total payment volumes.

Notably, PayPal’s spending in technology increased year over year by more than 30% to $732 million. 

This is a developing story and will be updated.

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