PayPal announces restructuring of business and establishment of cryptocurrency core department

PayPal announced a strategic restructuring, integrating its business into three core segments: payment settlement and PayPal, consumer financial services and Venmo, and cryptocurrency and payment services. Cryptocurrency and payment services are listed as core departments, covering Braintree, small and medium-sized merchant payment processing, value-added services, and stablecoin PYUSD. Jeff Pomeroy has been appointed as the interim head of the department. CEO Enrique Lores stated that this restructuring aims to accelerate the execution of growth strategies, simplify decision-making processes, and drive innovation.