Singapore-based exchange Crypto.com has joined forces with industry giants PayPal and Paxos to enhance the trading landscape for PayPal USD (PYUSD). This strategic partnership is poised to revolutionize the world of digital currency. Additionally, it will provide a seamless and secure platform for users globally.
Deep Liquidity for PYUSD
Crypto.com, in a move that underscores its commitment to innovation, now boasts the deepest liquidity for PYUSD trading pairs across the world. This was confirmed in a press release. Also, this development comes as a testament to the exchange’s dedication to delivering top-tier services to both retail and institutional users.
This collaboration builds upon the strong foundation of previous partnerships between PayPal and Crypto.com. Notable initiatives include the option to use PayPal for topping up the Crypto.com Visa Card. This further demonstrates a shared commitment to simplifying the crypto experience for users.
Joe Anzures’ Insights
Joe Anzures, the Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, praised Paxos as “a market-leading issuer of stablecoins.”
He expressed his excitement about the collaboration, stating,
“Connecting our more than 80 million users to the latest crypto innovations, as well as supporting PayPal’s global network of consumers and merchants, will be pivotal in our continued pursuit of crypto to every wallet.”
PayPal’s Ethereum-Powered Stablecoin
PayPal made a significant move in the crypto space by launching its Ethereum-built, U.S. dollar-backed stablecoin in August 2023. This stablecoin is not only pegged to the U.S. dollar but also fully backed by U.S. dollar deposits, short-term Treasurys, and similar cash equivalents. This ensures stability and trust for users.
PYUSD’s Expanding Presence
PYUSD has rapidly expanded its reach, making its presence felt on major exchanges like Bitstamp, Coinbase, and Kraken. What’s more, it has gained traction as a preferred payment option on platforms such as BitPay and Metamask. Notably, in September, PYUSD became available to Venmo users, marking a significant milestone in its adoption.
Furthermore, the New York State Department of Financial Services has included PYUSD on its green list of approved coins. This further highlights its compliance and credibility in the regulatory landscape.