March 27, 2024
Crypto.com's strategic alliance with PayPal
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Crypto.com and PayPal Collaborate to Elevate PYUSD Trading with Unmatched Liquidity

Singapore-based exchange Crypto.com has formed a strategic alliance with PayPal and Paxos, establishing itself as the favored platform for PayPal USD (PYUSD) transactions. According to a press release issued on September 28, Crypto.com currently boasts the highest liquidity levels for PYUSD trading pairs worldwide. The exchange has made PYUSD accessible to both retail and institutional users, with additional trading functionalities expected to be rolled out in the near future. This development further extends the collaboration between PayPal and Crypto.com, which previously included the option to utilize PayPal for topping up the Crypto.com Visa Card.

Joe Anzures, Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, emphasized Paxos’ standing as a leading issuer of stablecoins and expressed the company’s enthusiasm for this collaboration. He stated that linking their extensive user base of over 80 million individuals with the latest crypto innovations, while also supporting PayPal’s extensive network of consumers and merchants, will play a pivotal role in the ongoing mission to make cryptocurrency accessible to every wallet.

PayPal introduced its stablecoin in August 2023, which is pegged to the United States dollar and built on the Ethereum blockchain, fully backed by U.S. dollar deposits, short-term Treasury bills, and similar cash equivalents. PYUSD is available on prominent exchanges such as Bitstamp, Coinbase, and Kraken, and it is accepted as a payment option by BitPay and MetaMask. In September, Venmo users gained access to this stablecoin, and the New York State Department of Financial Services has included PYUSD on its list of approved coins, affirming its regulatory compliance.

Image by freepik

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