It has been a very short time since PayPal started offering cryptocurrency services and volumes are already increasing. American users on PayPal may have created a trade volume of $ 25 million within a month after cryptocurrency services were launched. This is almost a figure close to Binance.US ‘transaction volume.
PayPal launched the cryptocurrency service in October and removed the waiting list yesterday, making the cryptocurrency service available to all eligible US customers. However, it has not yet shared any official data on trade volume.
As is known, the payment giant has partnered with Paxos for this initiative. In short, it may be possible to get an idea by looking at Paxos data. The daily volume on Paxos’ trading service itBit exchange increased from less than $ 5 million in October to about $ 25 million on November 13. While it is unclear whether this increase is directly related to PayPal’s opening of cryptocurrency operations, it is still considered a likely occurrence.
In contrast, the 24-hour volume of Bitcoin US is close to $ 30 million. However, the daily trading volume on other US-based exchanges such as Kraken and Coinbase Pro is over $ 500 million. Therefore, there is an important grounding to address before you can start competing with the best exchanges. However, we can say that the foundation was laid for PayPal. Still, with a worldwide user base of 346 million, the payments giant may have unlocked the next level in cryptocurrency adoption.
PayPal currently supports four cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. This shopping is limited to the USA for now. The company then plans to expand its services to Europe and other parts of the world.