- Crypto.com partners with PayPal to become the preferred exchange for PYUSD, strengthening its position in the crypto industry.
- Joe Anzures, from Crypto.com, highlights the goal of advancing the cryptocurrency frontier by connecting millions of users and supporting PayPal’s network.
- PayPal’s Venmo mobile app allows select users to buy and send PYUSD, with plans to expand the service.
- The New York State Department of Financial Services (NYDFS) includes PYUSD among its green-listed coins, enhancing its credibility as a trusted digital asset.
In a significant move that solidifies its position in the crypto industry, leading digital asset exchange Crypto.com has unveiled a strategic partnership with global payments behemoth PayPal. The collaboration aims to establish Crypto.com as the preferred exchange for the recently launched PayPal USD (PYUSD).
Crypto.com’s PayPal USD PYUSD Dominance
Crypto.com wasted no time in listing PYUSD on its platform, just two weeks after PayPal introduced the stablecoin to the market. Since its integration, Crypto.com has become the go-to platform for PYUSD trading, boasting the most substantial liquidity for PYUSD trading pairs on a global scale.
The partnership extends beyond mere listing, as Crypto.com and PayPal plan to explore additional synergies and commercial opportunities in the future. This collaboration is expected to usher in a wave of new trading features on the platform, further enhancing the trading experience for Crypto.com users.
Pioneering the Crypto Frontier
Joe Anzures, Senior Vice President and General Manager of Americas and Global Head of Payment Partnerships at Crypto.com, expressed excitement about this groundbreaking partnership. He highlighted PayPal’s role as a digital commerce pioneer and hailed Paxos Trust Company, a leading issuer of stablecoins.
Anzures emphasized the collective goal of advancing the cryptocurrency frontier by connecting Crypto.com’s vast user base, exceeding 80 million users, with the latest crypto innovations. This partnership also aims to support PayPal’s extensive global network of consumers and merchants. Anzures believes that this collaboration will be instrumental in their ongoing mission to bring cryptocurrency to every wallet.
PYUSD’s Expanding Footprint
PYUSD, introduced by PayPal in early August, has rapidly gained traction across major exchanges and crypto wallets. Issued by Paxos Trust Company, PYUSD is an Ethereum-based stablecoin, backed by U.S. dollar deposits, short-term U.S. treasuries, and similar cash equivalents. It is redeemable 1:1 for USD.
Within just two months of its launch, prominent exchanges such as Coinbase, Huobi, Kraken, Bybit, BitMart, and Bitstamp have all listed PYUSD, underscoring its widespread acceptance within the crypto ecosystem. Moreover, crypto payment platform BitPay and digital asset wallet MetaMask have integrated PYUSD as a payment option for their users.
In a recent development, PayPal announced that select users of its mobile payments app, Venmo, would have the capability to purchase and send PYUSD to other Venmo users and PayPal wallets at no cost. The plan is to extend this service to all Venmo users in due course.
The New York State Department of Financial Services (NYDFS) also recently included PYUSD in its green-listed coins, further validating its status as a trusted and compliant digital asset.