PayPal’s (PYPL) Q2 transaction revenue rose 17% to $5.80 billion from $4.95 billion in the year-earlier period.
Quarter over quarter, transaction revenue rose by 3%, from $5.6 billion.
Part of PayPal’s transaction revenue comes from the company’s crypto buy, sell and hold product, but the company excludes crypto payments from total payment volume.
The payments giant also added 11.4 million in net new active accounts in Q2, down from the 23.3 million in year-earlier period and below the 14.5 million it added in Q1.
Overall, PayPal topped expectations with Q2 adjusted earnings of $1.15, above the consensus estimate of $1.12 according to FactSet.
Q2 2021 is the third quarter PayPal has reported earnings including results from its crypto buying and selling product. The company has reported in the past that customers who purchased crypto through the platform have been logging into PayPal twice as often as they were before they could buy crypto.
In April of this year, PayPal added crypto buy, sell, and hold options to its peer-to-peer payments platform Venmo.
“We’re seeing strong adoption in trading of crypto on Venmo,” PayPal CEO Dan Schulman said in this most recent earnings call.
PayPal is also working on the ability to transfer crypto to third party wallets and create a more seamless process for tax reporting, Schulman said.
Schulman said This isn’t the “main course” for the crypto offering at Paypal, however.
“We are clearly thinking about what the next generation of the financial system looks like, how we can help shape that,” Schulman said. “We are working with regulatory agencies, central banks across the world. The number of countries that are looking at central bank issued digital currencies is increasing rapidly.”
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