Crypto.com,
a Singapore-based cryptocurrency exchange, has joined forces with payment giant
PayPal and blockchain infrastructure firm Paxos to establish itself as the
preferred platform for trading in PayPal’s USD-pegged stablecoin (PYUSD).
This
collaboration underscores Crypto.com’s commitment to providing comprehensive
cryptocurrency services to its users. According to a press release issued on
September 28, Crypto.com currently boasts the most extensive liquidity for
PYUSD trading pairs on a global scale.
The
exchange has promptly listed PYUSD for both retail and institutional users. It
is anticipated that it will provide additional “trading
features” in the near future. This
development represents an expansion of the existing partnership between PayPal
and Crypto.com, which previously included the option to use PayPal for topping
up the Crypto.com Visa Card.
Joe
Anzures, the Senior Vice President of Americas and Global Head of Payment Partnerships
at Crypto.com, expressed enthusiasm for the collaboration with Paxos, referring
to them as “a market-leading issuer of stablecoins.”
He
emphasized the significance of this partnership in extending crypto
accessibility to Crypto.com’s more than 80 million users while supporting
PayPal’s global network of consumers and merchants. Anzures stated:
“Connecting our more than 80 million users to the latest crypto
innovations will be pivotal in our continued pursuit of crypto for every
wallet.”
PayPal, Paxos, and https://t.co/vCNztATkNg are taking crypto to new heights.🤝
Together, we’re shaping the future of finance, with PYUSD integration and enhanced top-up options, including the https://t.co/vCNztATkNg Visa Card. pic.twitter.com/id2KhUqsQj
— Crypto.com (@cryptocom) September 28, 2023
The Convergence of Traditional
Finance and Cryptocurrency
PayPal
entered the stablecoin arena in August 2023 with the launch of PYUSD. This
stablecoin is built on the Ethereum blockchain. It is fully backed by U.S.
dollar deposits, short-term Treasurys, and similar cash equivalents, ensuring
stability and trustworthiness.
PYUSD
has already gained a presence on major cryptocurrency exchanges, including
Bitstamp, Coinbase, and Kraken. It also serves as a payment option for
platforms like BitPay and Metamask. PYUSD became accessible to Venmo users in
September.
The
New York State Department of Financial Services has also recognized the
stability and reliability of PYUSD by including it on its “green
list” of approved…
