PayPal is equivalent to 85% of the trading volume on the American Binance platform
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Answer PayPal is equivalent to 85% of the trading volume on the American Binance platform
A month after PayPal announced its launch of crypto offerings, the trading volume supported by PayPal reached 25 million dollars, thus PayPal is close to equaling the trading volume found on the American platform Binance.
The strong takeoff of PayPal in the crypto market:
PayPal started offering crypto offers last October, lifted yesterday and announced the end of the waiting list period, making crypto offers available to all eligible customers in the USA.
Payments giant PayPal has teamed up with Paxos to present its offerings.
As a result, daily trading volume on Paxos’ trading service itBit rose from less than $5 million in October to nearly $25 million yesterday.
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It is unclear whether this rise is directly related to PayPal’s opening of cryptocurrency support operations.
In comparison, the 24-hour trading volume on the US Binance platform is close to $30 million.
Thus, PayPal is close to 85% of the equivalent of the registered number of American Binance.
For information, the daily trading volume in other trading platforms located in the United States such as “Kraken” and “Coinbase Pro” reaches more than $500 million.
Meaning that PayPal has a lot to do to stand on a solid ground to compete with the big trading platforms.
However, PayPal has laid the most important foundations to support cryptocurrencies and already has a user base of 346 million users worldwide, so PayPal can take the competition with exchanges to the next level in cryptocurrency trading.
PayPal currently supports four cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash, and its services are currently limited to the United States of America, and it plans to expand its services to other geographies.
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