Global payment provider PayPal has doubled its previous record for cryptocurrency, with $ 242 million of digital assets sold on the platform by January 11.

According to cryptocurrency market aggregator Nomics, trade volume significantly exceeds yesterday’s PayPal record of $ 129 million set on January 6. Since January 1, daily volume has increased by 950% from $ 22.8.

With PayPal volumes rising to a constant high during Bitcoin, it looks like the American payment company is gaining popularity among merchants. Alex Saunders of Nuggets News confirmed that the surge in PayPal volume is a potential sign of increasing popularity among merchants, as he tweeted, “Retail has arrived.”

While many in the crypto community praise PayPal’s entry into cryptocurrencies to pressure new users against digital assets, others have criticized PayPal for creating a “closed” crypto community that does not support withdrawal – with Twitter user Toomas Zobel suggesting that an increase in volume may result in surrender. Retail:

“Is there a way to find out if it’s buying or selling volumes? In this huge dump, retailers can simply give up instead of creating customer pressure. ”
The debate over whether PayPal’s trading volume is bullish or bearish began shortly after Nexo CEO Anthony Trenchev suggested that Bitcoin’s recent crash from levels above $ 40,000 was fueled by the desire of retail investors to make money.

You can access PayPal crypto services through the Paxos ItBit exchange platform. PayPal chose ItBit to handle cryptocurrency transactions when it launched digital real estate services in October 2020.

PayPal is expected to offer cryptocurrency services to its 26 million merchants in the coming months, which is likely to increase demand for the company’s cryptocurrency services.

Source: CoinTelegraph