Crypto.com, a Singapore-based cryptocurrency exchange has collaborated with Paypal and Paxos. According to a blog post released today, the partnership will see the crypto exchange emerge as the preferred platform for PayPal USD.
As revealed, ever since the launching of the dollar-pegged stablecoin in August 2023, Crypto.com has gathered the deepest liquidity for PYUSD trading pairs globally. At the moment, the cryptocurrency exchange has listed the stablecoin for retail and institutional clients. More so, the firm has also indicated plans to avail trading features of PYUSD for its users.
Meanwhile, Crypto.com and PayPal had collaborated before now. Then, their partnership focused on using PayPal as a top-up pathway for the cryptocurrency exchange’s Visa Card. However, the PYUSD has received regulatory backing ever since it launched last month. Prominent regulators like the New York State Department of Financial Services have added PYUSD to its green list. This indicates that the stablecoin is one of the tokens approved by the regulatory body.
It is worth mentioning that the PYUSD is based on the Ethereum network. The stablecoin is backed by U.S. dollar deposits and other valuables. Like Crypto.com, the stablecoin is as well listed on other top crypto exchanges like Kraken, Bitstamp, and Coinbase. Following its launching, the stablecoin has been adopted as a payment option by BitPay and MetaMask. Additionally, in September, Venmo availed PYUSD to its users.
How Crypto.com, PayPay, and Paxos are attempting to push global adoption of crypto with PYUSD
One of the top executives of Crypto.com has provided insights into the vision of the collaboration. Joe Anzures, the senior vice president of Americas and global head of payment partnerships at Crypto.com, weighed his opinion on the partnership.
In his submission, the executive referred to Paxos as a prominent issuer of stablecoins. Anzures indicated that the synergy of the three partners will strengthen the push for the global adoption of cryptocurrency. He registered faith in the efficiency of PYUSD in achieving the goal.
Lately, the crypto market is bracing up for the introduction of more stablecoins. On September 26, 2023, the Japanese organ of Binance collaborated with Mitsubishi UFJ Trust and Banking Corporation (MUTB). The partnership according to Binbits is aimed at developing Yen-pegged stablecoins. Above all, crypto exchanges like Binance and Crypto.com are leading the crusade for the introduction of more stablecoins.