Crypto.com breaks ground by becoming a go-to place for trading PYUSD.
Crypto.com, the Singapore-based cryptocurrency exchange, has entered into a significant partnership with payment giant PayPal and financial technology firm Paxos. The alliance aims to make Crypto.com a go-to platform for trading PayPal's stablecoin, PYUSD.
On September 28th, a press release revealed that Crypto.com will soon provide enhanced liquidity for PYUSD trading pairs, making it accessible for both retail and institutional customers.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Crypto Token VS Coin (Animated Explainer & Examples)
This new collaboration builds upon an existing partnership between Crypto.com and PayPal, which enables users to recharge their Crypto.com Visa Cards through PayPal's payment system.
When talking about the partnership, Joe Anzures, the Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, was enthusiastic, labeling Paxos "a market-leading issuer of stablecoins."
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.
PayPal's stablecoin, PYUSD, was launched in August 2023. Based on the Ethereum blockchain, the stablecoin is pegged to the US dollar and backed by a combination of US dollar deposits and short-term Treasury securities.
PYUSD is not just limited to Crypto.com; major cryptocurrency exchanges like Bitstamp, Coinbase, and Kraken also support it. Recently, PYUSD was even made available to Venmo users.
Moreover, the newly launched stablecoin has received approval from the New York State Department of Financial Services, as it appears on their "green list" of sanctioned digital assets.
Crypto.com's recent partnership with PayPal and Paxos aims to strengthen PYUSD offerings. This is a strategic move for all parties involved and marks a significant step in the mainstream adoption of PYUSD as a stablecoin of choice among a range of platforms.
