Paxos sees huge trading boost following PayPal’s cryptocurrency announcement
By Bob Garcia
The cryptocurrency exchange run by Paxos has seen a 500% increase in volume over the last month
Great things have happened since PayPal announced that it was getting more involved with cryptocurrencies. Not only has the news been broadcast around the world, but it can also take some of the credit for the recent increase in value experienced by digital currencies. PayPal can also take full credit for seeing a particular crypto exchange suddenly enjoy overnight fame, with the itBit exchange operated by Paxos increasing its volume by over 500% in the past month.
CoinMarketCap showed 24-hour volume for itBit of $6.8 million yesterday. That is still lower than alternatives like Coinbase Pro and Kraken; however, it is a huge jump from where it has stood since its initial appearance. The explosion started to take place when the PayPal announcement was made, showing the importance of the payment platform’s entry into crypto.
PayPal is now letting its users in the US purchase, sell and hold crypto, with the ability to make consumer purchases with digital currency coming soon. It is going to add the crypto service to its Venmo app sometime during the first half of next year, and international users will see the crypto capability added to their accounts at around the same time. Daniel Schulman, the CEO of PayPal, calls the entrance into crypto activity the “beginning of opportunities” and adds that the company is working with regulators to ensure acceptance of new forms of digital currencies.