Bitcoin trading on the PayPal platform is gaining popularity – since the beginning of January, trade volumes have increased by 950% and amounted to $ 242 million on January 11.
According to the analytical service Nomics, on January 11, trading volumes almost doubled the previous record of $ 129 million, recorded on January 6. At the same time, on January 1, platform users made transactions with BTC for only $ 22.8 million. The increase in trading volume indicates the interest of retail investors.
While many praise PayPal for providing access to cryptocurrencies on their platform, others talk about creating a “closed” cryptocurrency community – the platform does not support withdrawal of cryptocurrencies, at least not yet. That is, PayPal users who bought bitcoin on the platform can only sell it there. In addition, it is not clear how much of the trading volume is made up of digital asset purchases and how much is sales.
As a reminder, the ability to trade cryptocurrencies on PayPal appeared in November 2020. While the function is only available to users from the United States, in the future the company plans to provide access to it to residents of other countries.
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