PayPal Chooses Crypto.com as Preferred Exchange for PYUSD Stablecoin
In a significant move towards expanding its foothold in the world of cryptocurrencies, PayPal has designated Crypto.com as its "preferred exchange" for PYUSD, the recently launched stablecoin backed by blockchain firm Paxos. This strategic partnership not only bolsters the credibility of PYUSD but also ensures a reliable trading platform for its users.
Crypto.com and PayPal Team Up to Boost PYUSD Adoption
Digital asset exchange Crypto.com has teamed up with payments giant PayPal to establish itself as the primary choice for trading Paypal's newly introduced PYUSD stablecoin. This collaboration is off to a promising start, as Crypto.com has already listed the PYUSD stablecoin, becoming the go-to exchange for its trading pairs. The platform boasts the deepest liquidity for its market.
PYUSD launched the stablecoin in early August as an integral component of its payment infrastructure. PYUSD is issued by Paxos Trust Company, headquartered in New York. It operates on the Ethereum blockchain and is redeemable 1:1 for US dollars, backed by dollar deposits, short-term Treasury securities, and comparable assets. This combination of security and stability is a testament to its trustworthiness.
Crypto.com's Senior Vice President and Head of Payment Partnerships, Joe Anzures, expressed his excitement about the new partnership, stating, "PayPal has been a true pioneer in the digital commerce evolution, and Paxos is a market-leading issuer of stablecoins. We are tremendously excited to team up with them to collectively advance the crypto frontier."
Anzures further emphasized the potential of this collaboration, saying, "Connecting our more than 80 million users to the latest crypto innovations, as well as supporting PayPal’s global network of consumers and merchants, will be pivotal in our continued pursuit of crypto for every wallet."
Crypto.com's Partnership Enhances PYUSD Liquidity and Access
This partnership strengthens the bond between the financial giant and the crypto exchange, offering users the convenience of topping up their Visa cards with PayPal funds. Moreover, Crypto.com retail users can now access PYUSD deposits via the platform's app, with additional trading features in the pipeline.
PYUSD is just one facet of PayPal's foray into the crypto space. Last year, the payment processor facilitated the sending and receiving of popular cryptocurrencies like Bitcoin and Ethereum. Reports have also surfaced regarding PayPal's patent application for a non-fungible token (NFT) marketplace, signaling its commitment to exploring various aspects of the crypto industry. Most recently, PayPal unveiled plans to provide on-and-off-ramps for crypto payments within the Web3 ecosystem, catering to digital wallet and decentralized app users.
Share Your Insights
As the crypto landscape continues to evolve, one can't help but wonder: will PayPal venture even deeper into this exciting crypto space? Please share your thoughts and opinions in the comments section below and join the conversation on the future of cryptocurrencies.
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