Crypto.com collaborates with PayPal and Paxos to fortify its position as the premier exchange for PYUSD, marking a significant milestone in the global crypto landscape.
In a significant stride forward for the crypto ecosystem, Crypto.com has declared its collaboration with payment giant PayPal and prominent stablecoin issuer Paxos. This move solidifies Crypto.com’s position as the premier exchange for PayPal’s USD (PYUSD). Following this announcement, PYUSD has been incorporated into the Crypto.com platform, catering to institutional and retail traders. The platform now boasts the most substantial liquidity for PYUSD trading pairs worldwide.
Speaking on this development, Joe Anzures, SVP and GM, Americas and Global Head of Payment Partnerships at Crypto.com, remarked, “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 noted the potential of connecting their vast user base of over 80 million to cutting-edge crypto innovations while bolstering PayPal’s extensive global network.
This collaboration extends the existing ties between PayPal and Crypto.com, where users could use PayPal to replenish the Crypto.com Visa Card. As part of their ongoing partnership, the two entities intend to probe deeper into offering enhanced top-up solutions and broader commerce functionalities in the days to come.
PYUSD, issued by Paxos Trust Company, is a stablecoin 100% backed by assets such as U.S. dollar deposits, short-term U.S. Treasuries, and comparable cash equivalents. It’s redeemable at a 1:1 ratio for U.S. dollars. Deposits of PYUSD are presently accessible for retail users on the Crypto.com App, with trading functionalities poised for release soon.
Since its inception in 2016, Crypto.com has carved a niche for itself, commanding the trust of over 80 million global customers. The platform takes pride in its robust regulatory compliance, security, and privacy stance. With the vision, ‘Cryptocurrency in Every Wallet™,’ Crypto.com aims to fast-track cryptocurrency adoption by spearheading innovations and championing the next wave of builders and creators for a more transparent and equal digital realm. For more details, visit https://crypto.com.