The recently launched crypto unit of PayPal traded more than $242 million worth of digital assets in a single day on January 11, according to a report from CryptoSlate. This volume was a new high for the exchange, whose previous high was a $128 million volume on January 6.
It is unknown if the $242 million figure is related to crypto purchases or sales. By comparison, Binance's 24-hour trading volume reached as high as $30.1 billion on that day, according to data from CoinGecko.
PayPal's crypto business launched in November 2020, following the increased demand for the crypto sector among the traditional finance circles. The unit plans to let customers use crypto to pay for items from its network of 26 million retailers by early 2021.
Meanwhile, an analyst from Mizuho estimated that revenues from PayPal's crypto unit could see its revenue hit $600 million in 2021 and up to $2 billion in 2023, according to a report from MarketWatch.