Paxos (itBit) News: PayPal handles $125 Million Crypto volume as market surpasses $1 trillion

According to data on Nomics, daily crypto transactions on leading US-based financial service company PayPal has exceeded $125 million.

The trading volume, which has grown tremendously since the start of the year, saw itBit customers, the platform that handles PayPal’s crypto transactions, trade $128.91 million worth of cryptos in one single day, January 6, 2021.

Owned by Paxos, itBit provides access to an exchange, custody Service, and escrow services for Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), and Stellar Lumens (XLM).

Worth noting is that all the trading volume cannot be linked to only PayPal’s crypto transactions because itBit also handles crypto transactions for other clients, including financial institutions and traders.

However, since PayPal chose itBit to oversee its crypto transactions in October 2020, the exchange’s daily trading volume has spiked from a paltry $5.28 million to over $100 million, indicating that the majority of the volume comes from PayPal’s clients.

Currently, PayPal only allows its U.S.-based customers to buy and sell bitcoins, with plans on the way to roll out the service to other clients worldwide.

With PayPal tipped to allow customers from other countries to use the service, its daily trading volume is expected to reach stunning figures.

Crypto Market Valuation Reaches $1 Trillion.
The feat is coming at a time when crypto interest from both retail and institutional investors have continued to gain traction, with several assets, especially BTC setting a new all-time high (ATH) of above $40,000.

Based on the increased adoption of cryptocurrencies in recent times, data on CoinMarketCap showed that all existing cryptocurrencies’ market valuation crossed the crucial $1 trillion mark yesterday.

Bitcoin remains the market leader with a $690 billion market capitalization, followed by Ether, which boasts an approximately $136 billion market cap.

Other cryptocurrencies that consist of the top five, including Tether (USDT), XRP, and LTC, ran into tens of billions of dollars.

This is the first time that the crypto market reached the $1 trillion mark. The only time the market came close to reaching the mark was in January 2018, when the market reached nearly $800 billion.

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