PayPal Sets New Record of Daily Crypto Volume of Over $300 Million
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PayPal Sets New Record of Daily Crypto Volume of Over $300 Million

June 10, 2021      Sahaj Sharma

PayPal has recently witnessed a record daily volume of over $300 million in crypto assets as users were so inclined towards trading cryptocurrencies. Previously, the one-day record in the volume was recorded on January 11 at $239.52 million and this was the day when Bitcoin lost around $10 in its price.

PayPal Records Daily Crypto Volume of More Than $300 Million

The last time PayPal users were this much interested in trading cryptocurrencies was when Bitcoin plunged to the level of $30K and even lower on some of the exchanges. Ever since witnessing the highest daily volume back in the month of May, the metric is going down on PayPal.

As per the data revealed, the overseer of the crypto funds of PayPal, itBit is now trading well above the level of $50 million in volume. Knowing further details regarding itBit the cryptocurrency exchange, it is owned by Paxos and is responsible for providing liquidity to PayPal.

In addition to this, as per the predictions by the Deutsche Bank back in the month of April approximately in a note to its clients that the crypto trading volume of the payments giant has the potential to reach $20 billion this year. 

Payments Giant’s Future Plans for Cryptocurrencies

With a user base of over 3.5 million users, the payments giant allows its users to invest in cryptocurrencies with an amount as small as $1. We should take note of the fact that the platform charges a small fee, each time a user exchanges fiat for cryptocurrencies. 

Also, the platform does not allow its users to transfer their crypto assets to other platforms as of now but is planning to offer that service soon to its customers.

Jose Fernandez da Ponte has recently made an announcement regarding the possibility of offering the option to transfer cryptos off the platform.

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Sahaj Sharma
Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.