Finance giant PayPal announced yesterday that it started providing cryptocurrency services to all its customers in the USA. The financial giant, which allows trading with cryptocurrencies such as Bitcoin (BTC), has already surpassed the trade volume of some exchanges.
PayPal, the second most popular financial application in the USA, began offering cryptocurrency services to all customers across the country after a few weeks of trial. When application users log into their wallets, they can buy and sell cryptocurrencies such as Bitcoin, Ethereum (ETH).
Financial companies in the USA need a license called BitLicence in order to sell cryptocurrencies. While some get full approval, some companies can only get partial approval. Companies that receive partial approval must partner with another company that has received full approval in order to sell crypto money to their customers. PayPal, which received a partial BitLicence license, therefore signed with fully certified Paxos. Paxos; Thanks to the technological infrastructure it provides to PayPal, it enables users to buy and sell crypto money almost instantly.
It is not possible to see exactly how much cryptocurrency the users of the application have purchased so far, because the company has not yet shared this information. But since the company is working with Paxos and Paxos’ trade volume is easily accessible, it is possible to get a clue of PayPal’s trade volume. To do this, all that needs to be done is to examine how the volume of Paxos has changed after it started working with PayPal.
PayPal volume has already reached Binance US
It is known that the partnership between these two names started in October. When Paxos will provide a commercial infrastructure to its partner companies, it does so through the itBit exchange. Therefore, it can be thought that PayPal started to use this platform in October.
The trading volume of this platform was at the level of $ 5 million at the beginning of October. It can be seen that this number has increased to 25 million dollars in the last few weeks. While there is no way to confirm this for now, it is suggested that this increase in volume is directly due to PayPal. The fact that this claim is true indicates that PayPal is already catching up with Binance US, which has a trade volume of $ 30 million.
It does not give it to the user, but it keeps
Although the giant name of the finance sector sells Bitcoin to its users through its own application, it does not give people the private key of these Bitcoins. In this context, it can be said that PayPal users do not directly own Bitcoin, but buy a copy of Bitcoin. Therefore, users cannot send the cryptocurrencies in their PayPal wallets elsewhere.