PayPal posts a record $242 million in cryptocurrency trading

The payments giant PayPal posted a record $242 million in cryptocurrency trades on its platform. On January 11, users conducted transactions worth $242 million.

Retail has arrived. @PayPal cleared $242M in crypto sales yesterday. That’s nearly double the previous record. 🌐📲✅ #Bitcoin #Ethereum #BullMarket pic.twitter.com/dnoPlADhla

— Alex Saunders 🇦🇺👨‍🔬 (@AlexSaundersAU) January 12, 2021

“That’s almost twice the previous record,” noted Alex Saunders, founder of Nugget’s News.

Yesterday’s trading volume on PayPal surpassed the January 6 peak of $129 million. According to Nomics, since January 1 the daily trading volume on the ItBit platform has risen by 950%.

Trading volume on the ItBit platform since January 2021. Source: Nomics.

In November 2020, PayPal launched buy-and-sell bitcoin for US users.

In December, PayPal CEO Dan Schulman said, that in the first half of 2021 customers of the payments service would be able to use cryptocurrency to pay for goods and services at 26 million points of sale.

In the same month, Mizuno Bank in the US found that 65% of PayPal customers were willing to pay with bitcoin for goods and services, and a fifth of respondents had already tried trading cryptocurrency in the payment service’s app.

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