PayPal’s Venmo app, a financial app that recently added cryptocurrency features. It achieved $60 billion in payment volume in the third quarter of 2021, an increase of over 36%.
Earlier this year, the Venmo app – which has more than 70 million users – opened up to buy, sell and store digital assets like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
duringreveal incomeFor Q3, PayPal announced that Venmo had approximately $60 billion in total payment volume. while this figure was $38.4 billion at the end of the second quarter.
The announcement also reveals that PayPal plans to let customers use Venmo to make purchases on Amazon next year, however, initially this option will only be available to US customers:
“We have partnered with Amazon to allow US customers to pay with Venmo from next year. Customers will be able to shop on Amazon.com and the Amazon mobile shopping app using their Venmo account.”
The company also grew in overall revenue. That was 13% more than Q2. John Rainey – CFO and Executive Vice President of Global Customer Operations – noted that the service cryptocurrency It plays a very important role:
“Our rapid innovation development continues. We have exciting product introductions. This includes a new digital wallet app for both PayPal and Venmo and a crypto launch in the UK.”
Dan Schulman – President and CEO of the company – believes this success comes from the decision to add cryptocurrency services:
“We have achieved a lot of great results strategically. Our Crypto Efforts”
PayPal jumped into the world of cryptocurrencies in late 2020, enabling US customers to hold, buy and sell bitcoin and other digital assets using fiat currencies through their PayPal wallets. expand the service to other countries in the future
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