Crypto.com, a Singapore-based exchange, has announced a partnership with PayPal and Paxos to become a preferred platform for PayPal USD (PYUSD). This move builds on the previous partnership between PayPal and Crypto.com.
— Kris | Crypto.com (@kris) September 28, 2023
The exchange announced on a September 28th blog post that it now offers the most extensive liquidity for PYUSD trading pairs worldwide. The exchange has made PYUSD available to both individual and institutional investors, with plans to introduce trading features in the near future.
Crypto.com and PayPal Strengthen Their Partnership
This development is a continuation of the existing collaboration between PayPal and Crypto.com, which includes the ability for users to top up their Crypto.com Visa Card using PayPal. According to the official announcement, both PayPal and Crypto.com are committed to further exploring opportunities to enhance top-up capabilities and commerce activities in the future.
Joe Anzures, who holds the position of Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, has conveyed his enthusiasm regarding the partnership.
He stated that connecting their more than 80 million users to the latest crypto innovations and supporting PayPal’s global network of consumers and merchants will be pivotal in their continued pursuit of bringing crypto to every wallet.
PYUSD is listed on several leading exchanges such as Bitstamp, Coinbase, and Kraken. It is also accepted as a payment method by BitPay and Metamask. In a significant development in September, Venmo users gained the ability to utilize PYUSD.
The New York State Department of Financial Services has added PYUSD to its approved green list of coins. This regulatory recognition differentiates PYUSD from other stablecoins such as USDT and USDC.
This partnership marks a significant step in bridging the gap between traditional finance and decentralized finance. It offers the benefits of digital currencies with the stability of traditional fiat currency, potentially transforming global payments through PayPal’s extensive merchant network.