We’re not going to do that,” Schulman said. “We were going to focus on Invest this year, like stock trading, that kind of thing. The company created a division called Invest at PayPal in 2021 to spearhead the effort, according to CNBC, but on Tuesday, Schulman said PayPal had changed its focus. Schulman also said the company was pulling back in other areas, including a plan to offer stock trading on its platform that CNBC reported the company was exploring last year. Instead of expounding on the company’s crypto strategy, CEO Dan Schulman merely said on the earnings call that “digital wallets are the future,” adding that the company is doubling down in this area of the business, which was first introduced in 2021.
Although both cryptocurrencies have gotten a boost since the Federal Reserve raised interest rates by three-quarters of a percentage point last week, the two most popular cryptocurrencies are down about 66% from their highs last November. In a news release, the company did say it had launched crypto transfers between PayPal and other wallets and exchanges, and added no-fee send and receive options for family and friends on PayPal in the U.S.Ĭrypto has been hammered so far in 2022 with the most popular cryptocurrency, Bitcoin, down about 50% since the start of the year and the second most popular crypto, Ether, down about 55%. PayPal’s Tuesday earnings call also noted the appointment of a new chief financial officer, but crypto was relegated to the background.
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