Crypto.com announced a new integration to its application with the focus on providing cross-platform services with more effortless authentication. PayID is the new partner that will help Crypto.com’s more than five million users send and receive cryptocurrencies in any network.
The significant result of the partnership is connecting 100M+ users worldwide in a single service.
Decentralized Identification Service for Everyone
PayID is a universal payment identity provider. It’s a product of the Open Payment Coalition. As a result of the new partnership,
“Crypto.com’s 5M+ users can register for a PayID from the Crypto.com app, consolidating complex wallet addresses and accounts into a simple ID that works across any payment network and currency. Users who register for their unique PayID will get an exclusive Crypto.com-branded, easy-to-read ID — such as “yourname$payid.crypto.com,” according to Crypto.com.
There are many closed and complex networks in the payment section of the cryptocurrency world. Their users always have the problem of saving and remembering long wallet addresses. PayID solves many of these problems by providing a free, open, and standard protocol. Their protocol makes interoperability between any payment network or currency possible.
Initially, Crypto.com provides the register option in PayID for selected users. The users have to stake 10,000 CRO or more in Crypto.com Exchange; or stake 10,000 CRO or more in Crypto.com app to be eligible for registering. All of their users can sign-up for the new service starting on November 2nd.
Integrating PayID to Crypto.com exchange and wallet makes it significantly easier for users to transact cryptocurrencies between wallets and networks.
“Once registered, users can send crypto from other compatible wallets to the Crypto.com App with just their PayID, instead of a full-length crypto address. At launch, supported cryptocurrencies include CRO, ETH, BTC, XRP, and many more ERC20 tokens. Users can also send crypto to other compatible wallets using PayID hosted by other members in the Open Payments Coalition,” added Crypto.com.
Working with PayID is a significant step for Crypto.com toward their goals. They have always focused on the control they offer for users on their assets and data. Now PayID integration can help them achieve the data control easier.
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