PayPal continues to refine its entrance into the cryptocurrency universe
Crypto.com has partnered with PayPal and Paxos to become PayPal USD’s preferred platform. It’s another step for PayPal and its stablecoin project as it continues to advance deeper into the crypto space.
Crypto.com currently has the world’s deepest liquidity for PYUSD trading pairs, according to a September 28 press release. PYUSD has been listed by the exchange for retail and institutional users, with “trading features coming soon.” The move adds to PayPal and Crypto.com’s previous collaboration, including the option to top off the Crypto.com Visa Card using PayPal.
Joe Anzures, senior vice president of Americas and global head of payment partnerships at Crypto.com, called Paxos “a market-leading issuer of stablecoins” and communicated the company’s excitement about the partnership.
“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 to every wallet,” he said.
PayPal USD was launched in August 2023. It’s built on Ethereum and fully supported by US dollar deposits, short-term Treasurys and other cash equivalents. It’s redeemable for US dollars at a rate of 1:1 and issued by Paxos Trust Company.
PYUSD is currently available on major exchanges, including Coinbase, Bitstamp and Kraken. It’s also backed as a payment option by MetaMask and BitPay. The stablecoin also became available for Venmo users in September. The New York State Department of Financial Services has also added PYUSD to its green list, which includes all coins approved by the regulator.
Crypto.com was founded in 2016, has over 80 million customers worldwide, and is the crypto industry leader in privacy, security and regulatory compliance.
Emma Rodriguez is the Proofreader at the Big Blind, with seven years of experience and five years in online gambling. She plays a crucial role in maintaining content quality by ensuring error-free, reader-friendly information about the gambling industry.
