TL;DR
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Crypto.com has entered into a strategic partnership with PayPal and Paxos.
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The partnership will see Crypto.com become the primary cryptocurrency exchange of PayPal’s PYUSD stablecoin.
Crypto.com partners with Paxos and PayPal
Cryptocurrency exchange Cypto.com announced in a press release on Thursday, September 28th, that it has partnered with PayPal and Paxos. The primary goal of the partnership is to make Crypto.com the preferred PayPal USD (PYUSD) exchange.
Crypto.com has already listed the PYUSD stablecoin on its platform, and it is available to both retail and institutional investors. The cryptocurrency exchange also has the deepest liquidity for PYUSD trading pairs globally.
While commenting on this latest cryptocurrency news, 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.”
Crypto.com and PayPal expand their partnership
This latest development comes a few weeks after PayPal announced the launch of its PYUSD stablecoin. PYUSD is an Ethereum-based stablecoin, is pegged to the US Dollar and is currently available to PayPal users in the United States.
Crypto.com added that this partnership deepens its relationship with PayPal. The two entities’ previous partnerships allowed customers to use PayPal to top up the Crypto.com Visa Card.
PayPal has been expanding its presence in the cryptocurrency market. Earlier this month, the payment giant launched a crypto-for-USD conversion service, making it easier for its users to convert their cryptocurrencies to USD and vice versa.