ItBit, PayPal's crypto fund custodian, exchanged almost $2.1 billion in Bitcoin in May. Daily trading volumes have increased fivefold after PayPal's entry into the market in October 2020. On May 19, just as the larger market began to tank, itBit set a new daily trading volume record of $303 million. PayPal and Venmo, PayPal's mobile payments business, have added support for Bitcoin transfers from their systems to third-party wallets.