- Crypto.com has partnered with PayPal and stablecoin issuer Paxos to become a preferred exchange for PayPal’s PYUSD stablecoin.
- The collaboration aims to boost the adoption of PYUSD by leveraging PayPal’s global network of consumers and merchants.
This partnership demonstrates Crypto.com’s dedication to providing its users with comprehensive cryptocurrency services. According to a September 28 press release, Crypto.com presently has the most extensive liquidity for PYUSD trading pairings on a global scale.
PYUSD Listing: Providing Access to Retail and Institutional Users
PYUSD was quickly listed on the exchange for both retail and institutional customers. It is expected that it will introduce more “trading features” in the near future. This development builds on PayPal and Crypto.com’s existing collaboration, which previously provided the ability to top up the Crypto.com Visa Card using PayPal.
Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, Joe Anzures, expressed excitement about the partnership with Paxos, describing them as “a market-leading issuer of stablecoins.”
He stressed the importance of this collaboration in providing crypto access to Crypto.com’s more than 80 million users while also boosting PayPal’s global network of customers and merchants. Added Anzures: “Connecting our more than 80 million users to the latest crypto innovations will be pivotal in our continued pursuit of crypto for every wallet.”
The Convergence of Tradfi and Crypto
With the debut of PYUSD in August 2023, PayPal entered the stablecoin space. The Ethereum blockchain serves as the foundation for this stablecoin. It is backed by US dollar deposits, short-term Treasury bills, and comparable cash equivalents, providing stability and dependability.
PYUSD is already available on major cryptocurrency exchanges such as Bitstamp, Coinbase, and Kraken. It is also a payment option for platforms such as BitPay and Metamask. In September, PYUSD became available to Venmo users.
PYUSD has also been included in the New York State Department of Financial Services “green list” of accepted cryptocurrencies, indicating its stability and reliability.
The partnership between Crypto.com, PayPal, and Paxos exemplifies the growing integration of traditional finance with the cryptocurrency ecosystem. Stablecoins are gaining popularity and accessibility. This collaboration is expected to expedite the adoption of digital assets in the global financial environment.