PayPal Holdings (NASDAQ: PYPL) – PayPal’s cryptocurrency partner sees a 500% surge in trading volume in one month


PayPal Holdings Inc (NASDAQ: PYPL) Cryptocurrency partner Paxos’s itBit trading volume jumped 500% to $ 26.57 million on November 13 from $ 4.41 million a month ago, according to data from CoinGecko.

What happened: Meanwhile, the 24-hour volume for Bitcoin on Friday was $ 31.59 billion.

Major BTC / USD exchanges Coinbase Pro and Kraken posted volumes of $ 104.97 million and $ 37.62 million, respectively, at press time, according to data from CoinMarketCap, while itBit’s 24-hour volume stood at $ 6.8 million, in line with the broader market. The significant increase in volume on the exchange follows its partnership with PayPal for the financial technology company’s cryptocurrency foray.

Because matter: PayPal, co-founder of Peter Thiel, began offering its customers access to Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) in late October.

This month PayPal said it will add cryptocurrency services to its Venmo app by the first half of 2021 and will also allow international users to buy, sell and hold cryptocurrency within the same time frame.

PayPal CEO Daniel Schulman said the move is “the start of opportunity” in connection with the company’s cryptocurrency foray and said it will work with regulators to “accept new forms of digital currencies.”

Price action: PayPal stock closed 0.25% lower at $ 188.62 on Friday.

Photo courtesy: PayPal

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