PayPal Holdings, Inc (NASDAQ: PYPL) opened flat on Wednesday before falling on well-below-average-volume. The company is set to print its second-quarter financial results after the markets close.
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PayPal Holdings
Inc. (NASDAQ:PYPL) reported a first-quarter 2021 earnings beat on May 5, CEO Dan Schulman said in a conference call that cryptocurrency had contributed to the company’s strong growth.
Cryptocurrency increased user engagement within the PayPal app, with over half of its users are now logging in daily to check the fluctuating prices of their crypto investments, the CEO said.
Schulman also discussed the company’s plans to roll out a next-general digital wallet in the third quarter. On the day of PayPal s earnings print,
Bitcoin (CRYPTO: BTC) was trading beween around $53,00 and $57,000.
Bitcoin subsequently lost 50% of its value between May 10 and May 19, and traders and investors are watching how companies that have adopted Bitcoin and other cryptocurrencies into their business models will hold up during wild fluctuations.