itBit exchange, the digital asset exchange that provides liquidity for PayPal, has seen a tremendous upswing in trading volume in the three weeks since PayPal announced the integration of digital asset payments on their platform. Owned by Paxos, PayPal’s broker-dealer, itBit has seen close to double its record trading volume since PayPal’s announcement, indicating that the PayPal digital currency platform has a high utility among its users. Below, see itBit’s recent growth in trading volume.
Noting the utility that PayPal is seeing within crypto payments, this trend’s biggest takeaway is that PayPal is finally giving crypto a platform to be used for what it was created to be: a permissionless peer-to-peer transaction network. While Coinbase and other digital asset custodians have enabled users to exchange freely amongst each other, PayPal is mainstreaming crypto’s original purpose as a currency, restoring validation to crypto as a “cryptocurrency.”
While PayPal’s efforts to mainstream the use cases of digital assets is driving incredible trading volume on exchanges, their adoption is just icing on the cake for the crypto ecosystem. As Bitcoin nears its previous all-time high, there is no stopping the increasing pace of innovation and adoption of blockchain technology as a pathway to financial freedom.
By Liam McDonald
PayPal, one of the world’s leading digital payment platforms, made a monumental announcement this morning that it will be rolling out payment options for Bitcoin in the coming weeks. This news, along with Square and upcoming Venmo capabilities to buy, sell, and hold cryptocurrencies in associated digital wallets is evidence of a strengthening foundation and firming digital asset belief system as tech giants continue to build out their integration capabilities.
This update will give PayPal users the ability to use Bitcoin as a means of payment in their network of 346 million active users and 26 million PayPal registered merchants. In their statement, CEO Dan Schulman stated that he hopes PayPal’s incorporation of a digital asset payments platform will encourage the everyday use and widespread adoption of the crypto ecosystem, all while the company is working behind the scenes with global banks to help drive this momentum.
PayPal’s widespread influence on global commerce matched with their upcoming incorporation of digital asset payments will have a profound impact on the future of the cryptocurrency ecosystem. As more and more options for crypto payments arise, everyday consumers will begin to educate themselves as they explore the potential of digital currencies. There is no better way to encourage widespread adoption of digital assets than to put it right in the faces of an ever-growing network of nearly 375 million participants. This advancement is yet another massive leap toward the mainstreaming of digital assets.
By Liam McDonald