PayPal's Crypto Unit Takes $81 Million Hit as Core Business Thrives

PayPal's cryptocurrency business took a hit in the second quarter, with an $81 million net loss. The company stated that its crypto unit is operated separately from its core business, which allowed it to absorb this loss without affecting operating expenses.

The core business was stronger than expected, however, with revenue reaching $8.68 billion and net income of $1.104 billion. This exceeded market estimates, thanks in part to higher payment revenue from Venmo and the PYUSD stablecoin.

This is not the first loss for PayPal's crypto unit; it also reported a $74 million loss in the first quarter. Despite this, the company has continued to invest in its cryptocurrency offerings.