A little less than a month has passed since PayPal, the giant electronic payments company, opened the doors to its US customers to acquire cryptocurrencies through its platform. And although so far this decision has led hundreds of users to acquire crypto assets for millions of dollars. As Changpeng Zhao comments in the Tweet of the day, PayPal remains behind Binance in the US.
Competition from Binance and PayPal
At this point, no company that hopes to be successful in the long term can ignore the existence of cryptocurrencies. And it is that virtual currencies such as Bitcoin, Ethereum and Binance Coin, have gone in record time from being a simple technological curiosity, to becoming first-level financial assets. Something that PayPal has understood perfectly.
Thus, the world’s first electronic payment processor announced in October that it would allow its users to acquire and save cryptocurrencies on the PayPal platform. This is thanks to an alliance between the company and Paxos, with which PayPal users can use the Paxos exchange, itBit exchange, to carry out their transactions.
Thanks to this alliance, the volume of transactions on itBit exchange has grown rapidly from less than 5 million dollars in October, to 25 million dollars through November 13. A figure with which PayPal begins to approach the US branch of Binance, BinaceUS, which handles transaction volumes in the order of 30 million dollars. As highlighted by Binance CEO Changpeng Zhao on his Twitter account.
«BinanceUS is still bigger than PayPal».
Of course, although BinanceUS is indeed bigger than PayPal in the crypto market. The difference between the two companies is so short that it is not crazy to assume that PayPal will overtake BinanceUS very soon. Still having, however, face the true giants of the US market, Coinbase and Kraken, with volumes exceeding 500 million each.