As the "preferred exchange" for its recently created stablecoin issued by the blockchain business Paxos, Paypal has selected Crypto.com. The agreement with the trading platform aims to support the cryptocurrency that is pegged to the US dollar, has already listed the coin, and offers market liquidity.
To "Further Enable Paypal USD," Crypto.com teams up with payments giant Paypal and fintech company Paxos.
In an effort to make the digital asset exchange the go-to trading venue for Paypal's new paypal usd (PYUSD) stablecoin, Crypto.com and Paypal have established a partnership. The cryptocurrency company noted in a press statement that it has already listed the new coin and is presently the exchange with the greatest depth of liquidity for its trading pairings.
Paypal introduced the stablecoin in early August with the stated goal to eventually making it an integral part of its payments infrastructure. PYUSD is issued by the New York-based Paxos Trust Company on the Ethereum blockchain and is reportedly redeemable 1:1 for U.S. dollars, backed by dollar deposits, short-term Treasury securities, and comparable assets.
“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,” said Crypto.com’s Senior Vice President and Head of Payment Partnerships Joe Anzures. He elaborated:
We will continue to work toward bringing cryptocurrency to every wallet by introducing our more than 80 million users to the newest technological advancements in the field and by supporting Paypal's global network of customers and merchants.
The collaboration broadens the synergy between the banking behemoth and the cryptocurrency exchange, which allows Visa Card holders to top up their cards using Paypal. Additionally, Crypto.com retail users may already make PYUSD deposits through the platform's app, and the exchange says trading services will be available soon.
PYUSD isn't Paypal's sole crypto-related endeavor. Users were able to transfer and receive well-known cryptocurrencies like bitcoin and ether last year thanks to the payment processor. According to media sources, the corporation has this year submitted a patent application for a non-fungible token (NFT) marketplace. Paypal stated earlier this month that it would be offering on- and off-ramps to make it easier for Web3 platforms like digital wallets and decentralized apps to accept cryptocurrency payments.
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