EXCLUSIVE – Payments company PayPal might not see immediate value in cryptocurrency, but it’s continuing to see more value in its P2P payments service Venmo, according to the company’s Q1 earnings call yesterday.

On the subject of cryptocurrency, Dan Schulman, company CEO said during the call:

We’ve experimented with Coinbase and others in terms of direct connection to cryptocurrencies. Right now we do not support directly cryptocurrencies. We don’t see the demand for it from our merchants or our consumers. But that should not be any indication that we don’t see nor are we excited about the potential of blockchain in the long run.

When it comes to Venmo, which PayPal acquired in 2015, PayPal is seeing a continued uptick in volume on the platform. PayPal reported that Venmo processed $12.3 billion in payment volume, up 80% versus last year.

On Venmo, Schulman said:

We’re making strong progress in monetizing Venmo. Pay with Venmo has deployed [to] more than 2 million merchants across the US with major brands such as GrubHub, Seamless and Williams-Sonoma, installing dedicated Pay with Venmo button[s].

We expect the deployment of a distinct Venmo button with our leading brands will accelerate throughout the year, as well the deployment of dynamic buttons.

Chief Financial Officer John Rainey added:

With respect to the increase in both our revenue and our earnings guidance, [that] is not directly attributable to Venmo. It’s simply too early on at this point to get out of ourselves. And as Bill and Dan and I have talked about many times, we believe that what’s important here is the long game. This is a tremendous opportunity to connect with this demographic and monetize it, but we don’t want to be so impatient about that that we totally experience long term and so we have the luxury of being able to invest in this and get the experience right given our overall financial performance.

PayPal is focusing on becoming a major player in the payments space on the global stage. It will do this through furthering partnerships with banks. Over the past year, PayPal has partnered with JPMorgan Chase, Bank of America, HSBC, CaixaBank, and Bankia in Spain, and most recently Barclays in the U.K.

During this quarter, PayPal reported $3.69 billion in net revenues, up from $2.9 billion in the same quarter last year. Further, it added 8.1 million net new active users, up 35% year-over-year.

PayPal,which trades on NASDAQ under the symbol PYPL, is trading at as of $76.94 per share, up about 4%. It has a market cap of $92.9 billion.