Crypto.com announced it has teamed up with PayPal and Paxos to establish Crypto.com as a preferred PayPal USD (PYUSD) exchange.
Crypto.com has already listed PYUSD on its platform “for both retail and institutional users, and is currently the crypto trading platform with the deepest liquidity for PYUSD trading pairs globally.”
Joe Anzures, SVP and GM, Americas and Global Head of Payment Partnerships, Crypto.com, said:
“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 to every wallet.”
This builds on PayPal and Crypto.com’s initial integrations, “including being able to use PayPal to top up the Crypto.com Visa Card. Moving forward, PayPal and Crypto.com will continue to explore bringing more connected top up and commerce capabilities to market in the future.”
PYUSD is 100% backed “by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents, is redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company. Deposits of PYUSD are already available to Crypto.com retail users via the Crypto.com App, with trading features coming soon.”
Founded in 2016, Crypto.com claims “more than 80 million customers worldwide and is the industry leader in regulatory compliance, security and privacy. Our vision is simple: Cryptocurrency in Every Wallet.”
Crypto.com is committed to “accelerating the adoption of cryptocurrency through innovation and empowering the next generation of builders, creators, and entrepreneurs to develop a fairer and more equitable digital ecosystem.”
Last month, it was reported that Xsolla, a global video game commerce company, and global cryptocurrency platform Crypto.com ad entered a partnership for the integration of Crypto.com’s checkout solution into Xsolla’s Pay Station platform.
This transformative integration of Crypto.com Pay “represents a significant advancement in the gaming industry and creates new possibilities for game developers and players, enabling them to accept cryptocurrency payments and streamline transactions in a user-friendly and secure manner for a universally enhanced experience.”