PayPal to allow users to move crypto between wallets

PayPal Holdings Inc. will let users transfer certain cryptocurrencies to other customers, exchanges and external wallets, a new service that’s part of the company’s effort to boost usage of its app.

“This is really about access and utility,” Jose Fernandez da Ponte, senior vice president and general manager for PayPal’s blockchain, crypto and digital currencies business, said in an interview. “We are greatly enhancing the utility of moving crypto around.”

The company also said the New York Department of Financial Services granted PayPal a “BitLicense,” which governs businesses working with virtual currencies, according to a statement on the firm’s website Tuesday. PayPal said it was the first company to convert a conditional BitLicense into a full one.

PayPal first started allowing customers to buy, hold and sell Bitcoin, Ethereum, Bitcoin Cash and Litecoin in late 2020. The new service lets customers transfer those coins, including from crypto exchanges such as Coinbase Global Inc.

PayPal is pivoting away from a strategy of simply trying to add millions of new users, and instead is seeking to encourage existing customers to use its app more frequently. Average revenue per active account doubles for customers who use services beyond the traditional checkout button PayPal has long been known for. The company has said customers open their wallets twice as often after they sign up for crypto offerings.

PayPal has also been exploring the launch of its own stablecoin, and is interested in connecting users with web3, the catchall term for decentralized finance, nonfungible tokens, and other crypto applications, though no specific decision has been made, Fernandez da Ponte said.

The recent downturn in the crypto market won’t prevent PayPal from continuing to expand its crypto team.

“We think a substantial amount of commerce and payments will happen on digital currencies in the future, and we are playing the long game,” Fernandez da Ponte said.

Join Crain’s on July 20 for a live event about the future of New York and its path to becoming the world’s crypto capital. Get tickets here.

PayPal is pivoting away from a strategy of simply trying to add millions of new users, and instead is seeking to encourage existing customers to use its app more frequently. Average revenue per active account doubles for customers who use services beyond the traditional checkout button PayPal has long been known for. The company has said customers open their wallets twice as often after they sign up for crypto offerings.


Three reasons why this struggling fintech stock may break out of its slump

PayPal tumbled 16% this week, but one top analyst is making a bullish long-term case for the struggling stock.

The company’s underperformance follows leadership uncertainty. PayPal’s chief financial officer, John Rainey, announced last week he’ll leave the company in late May. Yet, Bruderman Asset Management’s Akshata Bailkeri made an optimistic case for PayPal on CNBC’s “Fast Money” this week.

The firm’s equity analyst likes the stock for three reasons:

1. Post-pandemic sales could pick up

Bailkeri, whose firm owns PayPal shares, thinks sales will pick up in a post-pandemic world.

“We believe that the online percentage of these retail sales should pick up in 2023,” said Bailkeri. “PayPal is a primary beneficiary of it.”

2. Its spin-off from eBay is beneficial

She contends PayPal as a stand-alone company also bodes well for the stock. Even though its stock is lower now, PayPal shares reached all-time highs last July.

EBay is no longer really an overhang,” Bailkeri said. “The company has had significant growth even after spinning out of the company in 2015.”

3. It’s an attractive valuation over a five-year horizon

PayPal is trading at a significant growth-adjusted discount versus its competitors, according to Bailkeri. She sees the stock’s volatility as a buying opportunity for gains over the next five years.

“You’re looking at long-term online trends and movements from cash to cashless growing,” she said. “That’s more reflective in a five-year view than maybe in the next couple quarters.”

Where PayPal is heading

Overall, Bailkeri expects double-digit percentage returns for PayPal over the next five years due to strong secular trends.

“People are going to continue to shop more online and have more payments that are in the digital space,” she said.

PayPal, which reports earnings on Wednesday, is down 26% so far this month.



PayPal Stock Plunges As E-Commerce Firm Shifts Away From Customer Growth

PayPal Holdings (PYPL) shocked Wall Street with guidance that badly missed views and new strategic objectives when it reported fourth-quarter earnings. PayPal stock plunged Wednesday.


San Jose, Calif.-based PayPal reported December-quarter earnings late Tuesday. Earnings and total payment volume came in below analyst estimates.

PayPal 2022 profit guidance and its outlook for customer growth missed as well. In addition, PayPal abandoned five-year financial targets.

PYPL stock plunged 24.6% to close at 132.57 on the stock market today.

PayPal expects to add 15 million to 20 million net new active monthly users in 2022, missing street estimates of 53 million.

In 2021, PayPal added 45.7 million active users organically. It ended the year with 426 million active users, up 13% from a year earlier.

Meanwhile, PayPal management surprised the Wall Street analysts with a new focus on the earnings call, said Lisa Ellis, analyst at MoffettNathanson in a report.

PYPL Stock: Competition Heats Up

“The shocker: management abruptly shifted its focus from driving user growth to driving ARPU (average revenue per user) growth, abandoned its 2025 goal of 750 million users, and will focus instead on increasing engagement among the on-third of PayPal users that drive the vast majority of the company’s revenues,” Ellis said.

PayPal has evolved from online checkout to mobile shopping and person-to-person payments. Competition has heated up with Block (SQ), formerly called Square, and others.

At Susquehanna, analyst James Friedman said: “PayPal is pivoting its strategy to focus more on engagement, but less on net new actives. The new approach sounds sensible to us as many of the new accounts proved less productive.”

PayPal has aimed to develop a financial “super-App” for consumers. The digital wallet features buy now pay later, cryptocurrency trading, bill pay, shopping/rewards tools and savings accounts.

Barclays analyst Ramsey El-Assal said PayPal is pulling back on incentive-driven customer acquisition. Instead, it’s focusing on gaining and cultivating higher-quality users. “The key discussion points over the coming weeks will likely be the achievability of medium-term guidance amid the strategy change, whether the strategy change was a response to competitive dynamics, and what the normalized growth profile of the company looks like,” he added in a report.

PayPal earnings for the quarter ended Dec. 31 were $1.11 per share, up 4% from a year earlier. The e-commerce company said revenue rose 13% to $6.90 billion, including acquisitions.

PayPal Stock: 2022 Profit Guidance Misses

Analysts expected PayPal earnings of $1.12 a share on revenue of $6.90 billion. A year earlier, PayPal earned $1.08 a share on sales of $6.12 billion.

Total payment volume processed from merchant customers climbed 23% to $339.5 billion. Analysts had projected total payment volume of $345.40 billion.

For 2022, PayPal forecast earnings per share in a range of $4.60 to $4.75 per share, roughly 10% below Wall Street estimates. Analysts had predicted full-year earnings of $5.22 a share.

In addition, PayPal lowered its 2022 net revenue growth outlook to 16% at the midpoint of guidance vs. its 18% or better outlook issued in November, Jefferies analyst Trevor Williams said in a report to clients.

PayPal stock had retreated some 24% since its third-quarter earnings report. Former parent eBay (EBAY), which spun off PayPal in 2015, is almost done shifting its payment processing from PayPal to Netherlands-based Adyen.

PYPL stock has pulled back from an all-time high of 310.16 on July 26. PayPal stock holds a Relative Strength Rating of only 19 out of a best-possible 99, according to IBD Stock Checkup.

Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.

Best Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists

How To Use The 10-Week Moving Average For Buying And Selling

PYPL stock plunged 24.6% to close at 132.57 on the stock market today.


Modern Maids Now Accepts Bitcoin, Other Cryptocurrencies

Customers Now Enjoy Even More Convenience and Savings

DALLAS, Oct. 22, 2021 (GLOBE NEWSWIRE) — Modern Maids, the Dallas area’s premier residential cleaning service, is making it even easier to book and pay for its white-glove services. The company recently announced that it will accept Bitcoin and other leading cryptocurrencies as payment for any of its extensive line of one-time, regularly scheduled and deep-cleaning maid services.

“As our name suggests, Modern Maids is an early adapter. We embrace state-of-the-art cleaning techniques and products,” said owner and CEO Justin Carpenter. “So, it is natural for us to become one of the first residential cleaning services in Texas to offer our customers this emerging payment option. We are proud to be counted among some of America’s most respected firms in accepting crypto, including our own Dallas Mavericks.”

Carpenter said that accepting Bitcoin and other digital currencies brings several advantages to all Modern Maids clients, whether they are homeowners, apartment dwellers or property owners, throughout the uptown and downtown Dallas areas, as well as Irving, Grapevine, Plano, Frisco, Arlington and most of the Metroplex’s northern and western suburbs.

“With all our connected devices, security and privacy have become a greater concern for all of us,” he said. “Our clients can pay their invoices without divulging any personal or financial data that could be intercepted. I feel that accepting Bitcoin and other crypto assets helps us achieve a new level of modern experience. Within the next decade, we could be seeing a huge rise in cryptos and want to be a business that helps lead that path.”

Modern Maids already has revolutionized the home and apartment cleaning industry with its professionalism and ease of use. The company is intent on providing customers quality service and the peace of mind that comes with knowing they will be coming home to a spotless space where they can relax, recharge and prepare for their next activity. Engaging Modern Maids is not just affordable, but it can also give customers more time to be productive, earn more money, and spend quality time with their loved ones.

About Modern Maids

Modern Maids (, 469-430-8860) provides certified, experienced, background-checked cleaning professionals directly to customers’ homes. Clients can book a convenient time online. Using non-toxic, environmentally friendly products whenever they are available, Modern Maids offers not only “routine” and “deep cleaning services,” but also move- in/move out care so renters can recover their deposits and lessors can quickly prepare their properties for the next tenant.

Contact Information

Justin Carpenter, CEO
2500 McKinney Ave, Dallas, TX 75201

This content was issued through the press release distribution service at


Dow falls 250 points for a second day of losses as investors shrug off strong earnings

U.S. stocks fell for a second day on Tuesday as strong corporate earnings failed to boost a market already near record highs.

The Dow Jones Industrial Average fell 250 points. The S&P 500 lost 0.5%, while the tech-heavy Nasdaq Composite dipped 0.6%.

Procter & Gamble shares were flat even after the consumer giant reported quarterly earnings that beat expectations with pandemic home-care trends lingering and beauty sales picking up.

Johnson & Johnson shares gained 1% following better-than-expected earnings and revenue. The company also reported $100 million in first-quarter sales of its Covid-19 vaccine that’s on hold in the U.S. while health regulators investigate a rare blood-clotting issue.

Another Dow component, Travelers Companies, rose slightly after quarterly results that topped Wall Street’s estimates. The company also raised its quarterly cash dividend and approved an additional $5 billion of share buybacks.

“The key to determining that will be the sustainability of these earnings increases,” said Tom Essaye, founder of Sevens Report. “Most of the factors that are producing these blowout earnings results are typically considered one offs.”

Many on Wall Street believe much of the upbeat earnings news has already been priced into the market, which had been climbing steadily to record after record. The Dow and S&P 500 closed at records on Friday and the Dow crossed above the 34,000 level for the first time ever last week.

The first-quarter earnings season got off to a strong start with 90% of the S&P 500 companies that have reported so far topping expectations by more than 20% on average. The beat rate is three times the historical average, according to data from the Earnings Scout.

Reopening plays such as airlines and cruise line operators led losses on Tuesday. American Airlines fell 6%, while United dropped more than 8%. Carnival, Norwegian Cruise Line and Royal Caribbean all traded about 4% lower.

Tesla rebounded 1.7% after dropping more than 3% in the previous session as bitcoin — which makes up some of Tesla’s balance sheet— tanked over the weekend after hitting an all-time high of $64,841 Wednesday morning, according to data from Coin Metrics.

Streaming giant Netflix is slated to release numbers after the bell. Wall Street analysts expected Netflix to remain a winner in the streaming space even as the pandemic recovery improves.

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Johnson & Johnson shares gained 1% following better-than-expected earnings and revenue. The company also reported $100 million in first-quarter sales of its Covid-19 vaccine that’s on hold in the U.S. while health regulators investigate a rare blood-clotting issue.


Europe Stocks Ease From Record Highs as Tobacco Firms Weigh

By Sruthi Shankar

(Reuters) -European shares pulled back on Tuesday after hitting record highs a day earlier, as tobacco companies weighed on UK stocks and many regional indexes edged off pre-pandemic highs.

British American Tobacco, Imperial Brands and Swedish Match fell between 2.5% and 6% following a report the Biden administration was considering requiring tobacco companies to lower the nicotine levels in all cigarettes sold in the United States.

BAT shares were on course to record their biggest percentage drop since March 2020.

UK’s blue-chip FTSE 100 fell 0.4%, Germany’s DAX was down 0.1% and France’s CAC 40 declined 0.7%.

The pan-regional STOXX 600 index dropped 0.5%. The benchmark has hit a series of all-time highs this month after having climbed more than 10% so far in 2021, broadly in line with New York’s S&P 500.

“On absolute terms, it’s difficult to make the case that markets are cheap,” said Jason Collins, global head of equities at SEI. “But relatively speaking, European equities offer much better value than the United States.

After bumper earnings reports from U.S. banks last week, investors are awaiting results from mega-cap technology firms, that helped a strong U.S. market recovery last year, but have lagged recently.

In Europe, profits for STOXX 600 companies are expected to jump more than 55% in the first quarter, according to Refinitiv IBES data, with much of the support coming from consumer cyclical and industrial companies.

Automakers were the only gainers in Europe as BMW’s first-quarter earnings bounced back more strongly than expected, helped by higher prices and strong Chinese demand.

Travel & leisure, banks and insurers fell after strong gains this year.

Investors also looked past data that showed Britain’s unemployment rate unexpectedly fell for a second month in a row to 4.9% in the December to February period, during which most of the country was under a strict COVID-19 lockdown.

French food group Danone slipped 2.8% after reporting a 3.3% fall in first-quarter sales as lockdowns continued to dent its bottled water and baby food sales.

Swedish medical gear maker Getinge jumped 5.6% after it posted a rise in quarterly core profit.

Swiss construction chemicals maker Sika rose 2% after it hiked its sales outlook for 2021.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)

Copyright 2021 Thomson Reuters.

UK’s blue-chip FTSE 100 fell 0.4%, Germany’s DAX was down 0.1% and France’s CAC 40 declined 0.7%.


Top 5 cryptocurrencies to watch this week: BTC, ETH, BNB, DOT, EOS

Historical trends act as a gauge for traders to assess the possibilities for the future. April has been a bullish month for Bitcoin (BTC) with eight monthly closes in the green and only two instances of negative returns.

Danny Scott, the CEO of the Bitcoin exchange CoinCorner, said that Bitcoin could rally to $83,000 if it emulates its average April return of 51% as it had over the past 10 years.

This could be one of the reasons why miners have started holding their positions instead of selling at the current levels. Lex Moskoviski, the CIO at Moskoviski Capital, recently highlighted that miners had hoarded 4,380 Bitcoin on April 2 and 4,494 Bitcoin on April 3.

Crypto market data daily view. Source: Coin360

While Bitcoin remains the undisputed leader, a positive is that some mainstream companies have started to explore opportunities in different sectors of the crypto sector.

Shopify CEO Tobi Lutke indicated that his company was exploring ways to integrate with decentralized finance. On April 3, Lutke tweeted a question to the DeFi community asking for ideas on what role the company could play in the space. If something concrete comes of this it could give a big boost to the entire crypto ecosystem.

Let’s study the charts of top-5 cryptocurrencies that may outperform the other major cryptocurrencies in the short term.

News Source


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