Payments giant, PayPal, has hit a new cryptocurrency trading record. Paypal’s crypto trading volume surged to $242.5 million on January 11.
Last year, PayPal announced its entrance into the crypto sector, allowing more than 300 million accounts to trade crypto on the platform. Within a few months, its transaction volume surged, increasing at impressive rates.
About a week ago, PayPal hit a high of $129 million, following Bitcoin’s spike to its current all-time high of $42,000. The recent record is almost double of the previous one, confirming PayPal’s timely move into crypto trading. According to a Beincrypto report PayPal’s 2021 crypto trading volume has already jumped more than 950%.
When PayPal initially revealed plans to allow crypto trading, the king coin rose and hit $12,000. The news was well-received by members of the crypto community, most of who thought that the payment giant should have entered the crypto space much earlier.
Crypto trading is set to be an important revenue point for PayPal. In 2020, 70 million users joined the platform, growing its year-over-year user base by more than 20%. While the crypto move may not be the sole reason for the spike, a large number of users may have joined for the ease of accessibility between PayPal and Bitcoin.
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