The daily volume of crypto at payments giant PayPal has set a record, reaching over $ 240 million.
PayPal broke a record
Global payments provider PayPal doubled its previous crypto volume record, with $ 242 million of digital assets exchanged on the platform on January 11.
Yesterday’s transaction surpassed PayPal’s previous volume record of $ 129 million recorded on January 6, according to crypto market data collector Nomics.
The surge in PayPal’s volume seems to be gaining popularity among retailers as Bitcoin climbs to all-time highs. Alex Saunders of Nuggets News claimed that the increase in PayPal’s volume is likely a sign of increased adoption among retailers.
PayPal’s crypto service
PayPal’s crypto services are accessed on Paxos’ ItBit exchange. PayPal chose ItBit to handle crypto transactions after launching digital asset trading services in October 2020.
PayPal is expected to provide cryptocurrency services to its 26 million merchants in the coming months, which will likely increase the company’s demand for crypto services.