🌕In a significant development, Crypto.com, a prominent digital asset exchange, has forged a strategic partnership with a global payments giant, solidifying its position as the preferred exchange for the newly introduced PayPal USD (PYUSD) stablecoin.
🌕The integration showcases the culmination of collaborations between entities, including a seamless top-up service linking PayPal and the Crypto.com Visa Card.
🌕Following PayPal's launch of PYUSD, Crypto.com expeditiously listed the stablecoin on its platform, amassing the most extensive liquidity for PYUSD trading pairs globally within two weeks.
🌕This collaborative endeavor with PayPal empowers Crypto.com to delve into further enhancements and commercial functionalities, enriching the user experience. The crypto exchange has exciting plans to unveil novel trading features shortly.
🌕Expressing enthusiasm about the collaboration, Joe Anzures, Senior Vice President and General Manager of Americas and Global Head of Payment Partnerships at Crypto.com emphasized, "PayPal has been a true pioneer in the digital commerce evolution, and Paxos is a market-leading issuer of stablecoins. We are tremendously excited to team up with them to collectively advance the crypto frontier. 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 accessibility for all."
🌕The introduction of PYUSD by PayPal in early August marked a significant milestone, leading to its integration into several major exchanges and crypto wallets. Paxos Trust Company, a distinguished stablecoin manufacturer, issued PYUSD, which is Ethereum-based, collateralized by U.S. dollar deposits, short-term U.S. treasuries, and comparable cash equivalents, and redeemable at a 1:1 ratio for USD.
Within two months following the launch, renowned exchanges such as Coinbase, Huobi, Kraken, Bybit, BitMart, and Bitstamp expedited listings for the digital asset. Likewise, Crypto payment platform BitPay and digital asset wallet MetaMask also incorporated PYUSD as a payment alternative for their respective user bases.
🌕In a recent announcement, PayPal disclosed its plans to enable select users on Venmo, its mobile payments application, to seamlessly purchase and send PYUSD to other Venmo users and PayPal wallets without incurring any transaction charges. This service is slated for broader availability to all Venmo users with time.
🌕Concurrently, the New York State Department of Financial Services (NYDFS) has green-listed PYUSD among its approved cryptocurrencies, further bolstering its credibility and adoption within the financial landscape.
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📒Resources:
https://newsroom.paypal-corp.com/2023-08-07-PayPal-Launches-U-S-Dollar-Stablecoin
https://newsroom.paypal-corp.com/2023-09-20-PayPal-USD-is-now-available-on-Venmo
https://cryptopotato.com/crypto-com-partners-paypal-to-become-preferred-exchange-for-pyusd/
