Leading digital assets exchange Crypto.com, has today announced that it has partnered with PayPal and Paxos to become the preferred exchange for PayPal USD (PYUSD). This expands upon the already existing integrations between PayPal and Crypto.com, such as PayPal’s support for loading of funds onto a Crypto.com Visa Card.
PayPal USD’s appeal and implications of the partnership
PYUSD is issued by Paxos Trust Company and backed 100% at a ratio of 1:1 by U.S. dollar deposits, short-term U.S. Treasuries, and comparable cash equivalents. For both individual and institutional investors, Crypto.com is among the most liquid cryptocurrency exchanges when it comes to buying and selling PYUSD.
Crypto.com app users may now make PYUSD deposits, and trading functionality is on the way. Key to the company’s continuous push of crypto to every wallet is connecting Crypto.com’s more than 80 million users to the latest crypto developments and supporting PayPal’s global network of consumers and merchants.
PayPal launched PayPal USD, the US dollar-pegged stablecoin built on Ethereum, in early August 2023 and it has received significant success. The success is partly attributed to not only the 1:1 backing by USD cash and equivalents but also PayPal’s position as a financial services giant.
The partnership unites three successful businesses operating in distinct industries. PayPal is now widely recognized not only as a pioneer in the global financial services space but also as an early adopter of digital payment technology. On the other hand, Paxos is a market-leading issuer of stablecoins.
As a result, this has the potential to have far-reaching effects in the crypto space, well beyond the existing sphere of influence of either organisation. PayPal and Crypto.com plan to continue discussing the possibility of bringing additional connected top up and commerce features to market.