PayPal Crypto Volumes Are Smashing Records
Crypto assets are having a wild start of 2021.
This can also be seen in the record high volumes registered across the board. From spot exchanges to derivatives platforms everyone is experiencing the ongoing mania.
The same can be seen in Paypal crypto volumes which continue to break new highs in volumes. Paxos is the one powering PayPal's crypto services that enable its users to buy, hold, and sell cryptocurrency directly from their PayPal digital wallet.
PayPal is supporting four digital assets right now — BTC, ETH, LTC, and BCH, all powered by Paxos Crypto Brokerage, as announced by the payment processor last year in October.
Bitcoin continues to hit new all-time highs every other day, having hit $36k and $37k on Wednesday night after breaching $35k in the earlier session of the day. Much like BTC, Ether is very close to breaking its ATH of $1,420 on Bitstamp, currently trading above $1,200.
Much like these two, other altcoins are also having a wild ride with Litecoin up 129% in the past month. Bitcoin Cash, however, is lagging behind and trading just around $452. The entire crypto market is enjoying the gains pushing the total market cap past $1 trillion.
“We're beginning to add more and more functionality to cryptocurrencies,” said PayPal CEO Dan Schulman in his interview with CNBC this week. According to him, it will allow cryptos to be used as a funding source in the next couple of months. He said,
“There's obviously a tremendous demand and we've seen of that on our platform to buy and to hold and sometimes sell cryptocurrencies but I think what we're most excited about is enabling people to take that cryptocurrency and effectively turn it into a currency to be able to use at any of our 28 million merchants and do that without any of the volatility.”