Happy Thursday, Blockfolians
The Lede
It’s earnings week on Wall Street, which means for us, we got a chance to hear from PayPal about how their crypto services launched last fall are actually going.
To be honest, the brass tacks numbers were a little hard to ascertain. PayPal added 16m new accounts in Q4, and saw transaction revenue increase 12% to $5.7B - although we’re not sure how much of that came from crypto.
More important was this nugget from CEO Dan Schulman in the earnings call: customers who purchased crypto have been logging into PayPal 2x as frequently as they were before.
Even more importantly? PayPal is creating an entire new business unit for crypto and is intending to start rolling out crypto as a payment option across their 26m global merchants later this quarter.
In short: big things coming.
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Highly Relevant Reading
Crypto company Metal Pay files for national bank charter
CME chief economist sees bitcoin as “emerging competitor” for gold
Suzhou giving away $5m in digital yuan in latest test
Betrayer Musk deletes “bitcoin” from Twitter profile
Community Commentary
Lots of debate over what impact CME futures are likely to have on ETH
What do you think of Kruger’s bear case?
A Really Big Number We Should Be Paying Attention To
$72,000,000
That’s the size of a new crypto fund by a cofounder of Silver Lake, backed by notables including Paul Tudor Jones and …. LL Cool J?
Final Thought
Cool historical thread