PANews reported on April 30 that payment giant PayPal officially announced a strategic restructuring, simplifying its business into three core segments: Payments & Checkout and PayPal, Consumer Financial Services and Venmo, and Cryptocurrency & Payment Services. Cryptocurrency & Payment Services has been designated as a separate core business unit, unifying payment processing, platform capabilities, and crypto operations, including Braintree, small and medium-sized merchant payment processing, value-added services, and the stablecoin PYUSD. Jeff Pomeroy has been appointed as the interim head of this segment.

PayPal President and CEO Enrique Lores stated that the restructuring aims to accelerate the execution of its long-term growth strategy, streamline decision-making processes, and drive innovation. It will drive sustainable growth by getting closer to consumer needs, strengthening synergies across its three main business segments, and improving operational efficiency. PayPal will reportedly provide more details about the new operating model during its earnings call on May 5th.