Crypto.com, a Singapore-based cryptocurrency exchange, has joined forces with payment giant PayPal and blockchain infrastructure firm Paxos to establish itself as the preferred platform for trading in PayPal's USD-pegged stablecoin (PYUSD).
PYUSD Listing: Access for Both Retail and Institutional Users
This collaboration underscores Crypto.com's commitment to providing comprehensive cryptocurrency services to its users. According to a press release issued on September 28, Crypto.com currently boasts the most extensive liquidity for PYUSD trading pairs on a global scale.
The exchange has promptly listed PYUSD for both retail and institutional users. It is anticipated that it will provide additional "trading features" in the near future. This development represents an expansion of the existing partnership between PayPal and Crypto.com, which previously included the option to use PayPal for topping up the Crypto.com Visa Card.
Joe Anzures, the Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, expressed enthusiasm for the collaboration with Paxos, referring to them as "a market-leading issuer of stablecoins."
He emphasized the significance of this partnership in extending crypto accessibility to Crypto.com's more than 80 million users while supporting PayPal's global network of consumers and merchants. Anzures added: "Connecting our more than 80 million users to the latest crypto innovations will be pivotal in our continued pursuit of crypto for every wallet."
PayPal, Paxos, and https://t.co/vCNztATkNg are taking crypto to new heights.????Together, we're shaping the future of finance, with PYUSD integration and enhanced top-up options, including the https://t.co/vCNztATkNg Visa Card. pic.twitter.com/id2KhUqsQj— Crypto.com (@cryptocom) September 28, 2023
The Convergence of Traditional Finance and Cryptocurrency
PayPal entered the stablecoin arena in August 2023 with the launch of PYUSD. This stablecoin is built on the Ethereum blockchain. It is fully backed by U.S. dollar deposits, short-term Treasurys, and similar cash equivalents, ensuring stability and trustworthiness.
PYUSD has already gained a presence on major cryptocurrency exchanges, including Bitstamp, Coinbase, and Kraken. It also serves as a payment option for platforms like BitPay and Metamask. PYUSD became accessible to Venmo users in September.
The New York State Department of Financial Services has also recognized the stability and reliability of PYUSD by including it on its "green list" of approved cryptocurrencies.
The collaboration between Crypto.com, PayPal, and Paxos highlights the growing integration of traditional finance and the cryptocurrency ecosystem. stablecoins gain traction and accessibility. This partnership is set to further accelerate the adoption of digital assets within the global financial landscape.This article was written by Tareq Sikder at www.financemagnates.com.
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