Crypto.com breaks ground by becoming a go-to place for trading PYUSD.
Crypto.com, the Singapore-based cryptocurrency exchange, has entered into a significant partnership with payment giant PayPal and financial technology firm Paxos. The alliance aims to make Crypto.com a go-to platform for trading PayPal's stablecoin, PYUSD.
On September 28th, a press release revealed that Crypto.com will soon provide enhanced liquidity for PYUSD trading pairs, making it accessible for both retail and institutional customers.
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This new collaboration builds upon an existing partnership between Crypto.com and PayPal, which enables users to recharge their Crypto.com Visa Cards through PayPal's payment system.
When talking about the partnership, Joe Anzures, the Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, was enthusiastic, labeling Paxos "a market-leading issuer of stablecoins."
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 stablecoin, PYUSD, was launched in August 2023. Based on the Ethereum blockchain, the stablecoin is pegged to the US dollar and backed by a combination of US dollar deposits and short-term Treasury securities.
PYUSD is not just limited to Crypto.com; major cryptocurrency exchanges like Bitstamp, Coinbase, and Kraken also support it. Recently, PYUSD was even made available to Venmo users.
Moreover, the newly launched stablecoin has received approval from the New York State Department of Financial Services, as it appears on their "green list" of sanctioned digital assets.
Crypto.com's recent partnership with PayPal and Paxos aims to strengthen PYUSD offerings. This is a strategic move for all parties involved and marks a significant step in the mainstream adoption of PYUSD as a stablecoin of choice among a range of platforms.
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.
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- Source: https://www.bitdegree.org/crypto/news/crypto-com-secures-spot-as-go-to-platform-for-paypals-pyusd
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