Daily crypto volume on payments giant PayPal have surged to record highs above $240 million.
Global payments provider PayPal has doubled its previous crypto volume record, with $242 million worth of digital assets changing hands on the platform during Jan. 11.
According to crypto market data aggregator Nomics, yesterday’s trading dwarfed PayPal’s previous volume record of $129 million recorded on Jan. 6. Since Jan. 1, daily volume has increased by 950% from $22.8.
With the spike in PayPal’s volume coming amid Bitcoin’s rally into new all-time highs, the U.S.-based payments firm appears to be gathering popularity among retail traders. Nuggets News’ Alex Saunders asserted the spike in PayPal’s volume is a likely sign of increasing adoption among retail traders, tweeting: “retail has arrived.”
The discussions regarding whether PayPal’s volume milestone is bullish or bearish come shortly after Nexo CEO Antoni Trenchev speculated Bitcoin’s recent crash from levels exceeding $40,000 was driven by retail investors rushing to realize profits.
PayPal’s crypto services are accessed via Paxos’ ItBit exchange. PayPal selected ItBit handle its crypto transactions upon launching digital asset trading services during October 2020.
PayPal is expected to offer cryptocurrency services to its 26 million merchants in the coming months, likely driving further demand for the company’s crypto services.