U.S. payments company PayPal announced a restructuring of its business, spinning off its cryptocurrency operations into a separate segment, as digital assets are seen as a key driver of future growth.
PayPal Holdings, Inc. said it’s undertaking a strategic reorganization under which the company will transition to a new management model with three core areas: online payment solutions, consumer financial services, and cryptocurrency payment services.
According to the company, the new structure will include three segments:
- Checkout Solutions & PayPal.
- Consumer Financial Services & Venmo.
- Payment Services & Crypto.
The latter will bring together, within a unified and scalable ecosystem for merchants, the Braintree platform, infrastructure solutions, services for small and medium-sized businesses, and tools for digital asset operations, including the PYUSD stablecoin.
PayPal CEO Enrique Lores noted that the reorganization will streamline decision-making processes and improve operational efficiency. According to him, the company is focusing on innovation, including in the digital asset space, to strengthen its market position.
Jeff Pomeroy was appointed acting head of the Payment Services & Crypto division. He will oversee the development of cryptocurrency services and their integration with payment infrastructure. Key priorities include expanding the use of PYUSD and developing new blockchain-based products.
Digital assets are given special emphasis in the company’s new strategy as one of the main drivers of future growth, reflecting the increasing role of cryptocurrencies in the global payments industry. In this context, PayPal continues to expand the use of its PYUSD stablecoin, integrate cryptocurrencies into P2P transfers, and launch business solutions for accepting crypto payments in the U.S.
