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PayPal traded over $240 million in a day

On Monday, Paypal's latest crypto exchange traded worth of $242 million in a single day, data from itBit, the exchange partner of the company, revealed.

After interest in the crypto market heated up in the traditional finance circles, the American fintech player’s crypto company launched in November last year. It even said at the time that the company will also intend to make users to use crypto to pay for goods from its network of 26 million retailers in early 2021. 

PayPal trading market is booming right now. Data from itBit, the Paxos-owned business that processes PayPal’s transactions, yesterday showed over $242 million in trading volume. The value was a new high for the exchange, whose previous high on January 6 was $128 million.

The statistics came when Bitcoin plummeted over 22% in a panic decline on Monday. A similar hit was also taken by the majority of the crypto market, with many coins falling by similar percentages.

Meanwhile, since itBit did not make the data available, it is unclear whether the numbers referred to crypto purchases or sales. With regard to the volumes, PayPal made no comment, but it revealed that the crypto market of the company was one that attracted massive demand.

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