Data provided by analytics tool Nomics revealed itBit, PayPal’s crypto funds custodian, traded over $2.1 billion worth of bitcoin, ethereum, bitcoin cash, litecoin and PAX for the month of May.
In line with this development, the digital payments giant also recorded a new $300 million daily trading volume during the last week of the past month.
The Paxos owned itBit is a U.S. company leveraging an online payments system that entered the crypto market back in October 2020. It is a crypto exchange that is responsible for providing PayPal liquidity.
Working wonders for PayPal
The American online payments company, currently supporting four digital currencies, namely bitcoin, ethereum, bitcoin cash and litecoin, was able to enter the crypto market at a level that only mainstream financial platforms can do because of Paxo’s easy-to-integrate APIs and regulatory framework.
PayPal’s cryptocurrency platform is also likely to have a high utility among its users relative to itBit’s significant trading volume growth.
Last May 19, daily trading volume even reached $303 million, surpassing its previous high of just $240 million. Prior to PayPal’s entry into the crypto market, its maximum volumes couldn’t even reach $60 million.
PayPal’s big decision and mixed reactions
Last year, PayPal was the subject of varying reactions after it announced that its users could already buy, sell and hold bitcoin on its platform.
During that time, a growing number of users weren’t provided support by the company to transfer funds to an external wallet, denying true control of their assets and benefits from irreversible transactions.
Such a problem seems to have been addressed, as PayPal Blockchain and Cryptocurrency Head Jose Fernandez da Ponte announced during the Consensus conference that their subsidiary Venmo would be enabled to support the transfer of bitcoin to third party wallets.
Image courtesy of Cointelegraph News/YouTube
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Source: https://bitcoinerx.com/blockchain/paypal-processed-nearly-2-billion-worth-of-crypto-trades-last-month/
