Crypto.com Joins Hands with PayPal and Paxos to Boost PYUSD Transactions
Summary:
Crypto.com, a Singapore-based exchange, has partnered with PayPal and Paxos to become a primary platform for PayPal USD (PYUSD) transactions. This development follows a previous partnership between PayPal and Crypto.com and solidifies Crypto.com's position in facilitating PYUSD trading pairs worldwide. This partnership is part of Crypto.com's strategy to bring access to digital currencies to its user base of over 80 million by supporting PayPal's global consumer and merchant network. The PYUSD stablecoin, launched in August 2023 and backed completely by U.S. dollar reserves, is present in renowned exchanges and recently became accessible to Venmo users.
Crypto.com, a Singapore-based exchange, has partnered with PayPal and Paxos to establish itself as a primary platform for PayPal USD (PYUSD) transactions. An announcement made on the 28th of September highlighted that Crypto.com currently exhibits the richest liquidity for PYUSD trading pairs worldwide. Retail and institutional customers will now see PYUSD listed on the exchange, with trading capabilities set to be introduced soon. This recent announcement aligns with a prior agreement between PayPal and Crypto.com, which enabled topping up of the Crypto.com Visa Card via PayPal. Commending Paxos as an "industry-leading provider of stablecoins," Joe Anzures, the Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, showed his enthusiasm over this alliance. He noted that the venture would enable their extensive user base of over 80 million to access cutting-edge crypto innovations and further strengthen PayPal’s global consumer and merchant network in their ongoing mission to bring crypto to every wallet. PayPal unveiled its stablecoin in August 2023. Backed entirely by U.S. dollar reserves, this digital coin, secured by Ethereum, mirrors the value of the U.S. dollar. Prominent exchanges including Bitstamp, Coinbase, and Kraken currently host PYUSD, with payment support from BitPay and Metamask. Venmo users were granted access to the stablecoin last month. Additionally, the New York State Department of Financial Services gave approval for PYUSD, including it in their regulated coins' green list.
Published At
9/28/2023 9:25:49 AM
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