PayPal Reports 13% Revenue Increase, Plans to Increase Crypto Offerings

The payments provider beat on earnings per share, reporting $1.11, adjusted, for the quarter versus the expected $1.07 analysts expected.

article-image

SOURCE: SHUTTERSTOCK

share

key takeaways

  • The company reported growth in its Cash Back to Crypto program
  • PayPal recently announced that it will allow UK customers to buy, hold and sell cryptocurrency and access the Cash Back to Crypto program

PayPal reported a 13% increase in revenue for the third quarter of 2021 and emphasized plans to increase cryptocurrency offerings Monday. 

The payments provider beat on earnings per share, reporting $1.11, adjusted, for the quarter versus the expected $1.07 analysts expected. PayPal however missed on revenue, reporting $6.18 billion versus expected $6.23 billion. 

PayPal recently announced that it will allow UK customers to buy, hold and sell cryptocurrency and access the Cash Back to Crypto program. The company reported growth in its Cash Back to Crypto program, launched in August, which allows Venmo Credit Card users to automatically purchase digital assets from their Venmo accounts using cashback earned from card purchases.  

“Our rapid pace of innovation continues,” said John Rainey, CFO and executive vice president of global customer operations, during the earnings call Monday. “We had an exciting cadence of product introductions, including our new digital wallet apps for both PayPal and Venmo and the launch of crypto by wholesale in the UK.”  

PayPal’s Venmo app reported a payment volume increase of 36% to $60 billion. The app began supporting cryptocurrency services in the beginning of the second quarter of 2021. The company also announced that customers will be able to use Venmo for purchases made on Amazon.com and on the Amazon mobile shopping app starting next year. 

PayPal hinted that the company would expand its reach into the cryptocurrency space in July, including work to help the development of a central bank digital currency. 

PayPal’s new app has been very successful, Dan Schulman, president and CEO of PayPal, said during Monday’s earnings call. 

The app has led to “a 15% increase in first-time users transacting with crypto and it has also driven a 35% lift in our cash card enrollments,” he said.


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

morpho 2 graphic.png

Research

Utilizing a ‘DeFi Mullet’ approach, Coinbase’s Bitcoin-backed loans integration with Morpho demonstrates a powerful blueprint for CEXs to monetize dormant assets by expanding adoption of wrapped products (cbBTC, USDC) while also supporting native and/or preferred DeFi ecosystems (Base) which can further lead to downstream growth in onchain liquidity and increased utilization of the related assets.

article-image

Solana may be in “recomposition” mode, as new protocols put usefulness ahead of mere virality

article-image

The stablecoin issuer will have to contend with bigger players and the interest rates environment

article-image

The president reportedly was still working on his tariff policy plans late Tuesday evening

article-image

The chain could mark a turning point in bitcoin’s utility

article-image

Should higher-fidelity graphics be the goal for crypto games — which result in much higher costs and risk?

article-image

From Mel B to Neil deGrasse Tyson, BTC has seen its share of strange celebrity sightings