It has been less than a month since PayPal began offering crypto services, and volumes are already soaring.
Shutterstock cover by Primakov
Share this article
URL Copied
At $25 million, American users on PayPal are closing in on Binance.US trading volume within a month since launching crypto services.
Crypto Rush on PayPal
PayPal began crypto offerings in October and yesterday lifted the waitlist period, making crypto available to all eligible U.S. customers. The payments giant partnered with Paxos for the initiative.
The daily volume on the Paxos’ trading service itBit exchange has risen from less than $5 million in October to nearly $25 million on Nov. 13. Though it is unclear whether this spike is directly related to PayPal opening its crypto operations, few other events could have sparked such activity.
In comparison, the 24-hour volume on Bitcoin US is close to $30 million. Nevertheless, the daily trading volume on other U.S.-based exchanges like Kraken and Coinbase Pro is greater than $500 million.
Hence, there is significant ground to cover before it starts competing with top exchanges, but the foundation is laid.
Still, with a user base of 346 million worldwide, the payment giant may have unlocked the next level in cryptocurrency adoption.
PayPal currently supports four cryptocurrencies—Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, and is restricted to the U.S.
It plans to expand its services to Europe and elsewhere.
Share this article
URL Copied
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
PayPal announced a new service devoted to cryptocurrencies. It will enable users of one of the world’s largest payment systems to buy, sell, and hold crypto. Paxos will custody the...
PayPal’s New Crypto Service Revives “Not Your Keys, Not Yo...
PayPal will now let users buy and sell cryptocurrencies, marking one of this year’s biggest crypto adoption stories. However, the company’s policies have raised questions about centralization. PayPal’s Centralization Is...
US Customers Can Now Buy Bitcoin on PayPal, Wait List Lifted
PayPal is removing its waiting list for crypto services, allowing all United States users to buy and sell Bitcoin. PayPal Lifts Wait List for Crypto The payment service made headlines...
