cryptoknowmics.com
PayPal, a global payment provider, has recently recorded a huge surge in its crypto trading volume. According to the previous records, it has doubled from its previous all-time high and has reached $242 million now. As per the analysts, the daily volume has increased by 950%.
From the past few weeks, it has been seen that retail traders are showing great interest in PayPal as it is getting engaged in the crypto market. Few analysts believe that this increase in trading volume is because of the firm’s popularity among retail traders. Alex Saunders of Nuggets News has said that this increase is a result of an increase in adoption among retail traders.
PayPal Faces Criticism for Offering Gated Crypto Community
It has been seen that the majority of the crypto community has praised this step of PayPal for entering into the crypto market. Through this, a lot of new users have been added to the community as they can easily use crypto for making payments at various retail stores.
However, few believe that PayPal has created a gated community for its crypto users. The reason behind this is that it does not provide the withdrawal function to them which is not convenient for a lot of customers.
Crypto Services Will be Soon Offered to Its Merchants
PayPal has revealed that in the coming months, it will be offering crypto services to around 26 million of its merchants. It’s crypto services are accessible through the ItBit exchange. Through this, the firm is hoping that the demand for their crypto services will increase to a very great extent. Currently, a lot has been going around in the crypto market with Bitcoin’s recent crash. Hence, the discussions are still going on whether PayPal’s volume surge should be considered bearish or bullish for the market.