PayPal is seeing big jump in the number of crypto transactions it has hosted in the past 24 hours, with the payment provider securing trades worth $242m on January 11. The numbers are only bound to grow further.
The information comes from data aggregator Nomics, which has been following trading trends on PayPal for the past days. The previous record came on January 6 when the platform clocked $129m in a single day.
It's not just investors trading though. Retail traders are also jumping on this bandwagon as Bitcoin's value continues to head upwards. Some though have been skeptical of the way PayPal runs things.
According to critics, PayPal's lack of withdrawal functions for crypto creates a gated community, not allowing the ecosystem to evolve naturally.
According to Nexo CEO Antoni Trenchev, the recent jump in trading volume was underpinned by retail sellers looking to cash in quickly ahead of a new crash.
In the meantime, PayPal is working towards its goal of enabling 26 million merchants worldwide to benefit from crypto trades and transactions.
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