Payments and cryptocurrency exchange Crypto.com has taken a significant step towards broader crypto adoption by integrating PayPal USD (PYUSD) as a “preferred” exchange for the stablecoin. The partnership between Crypto.com, payments giant PayPal, and blockchain infrastructure company Paxos aims to drive the global adoption of cryptocurrencies.
The CEO of Crypto.com, Kris Marszalek, expressed his enthusiasm for the partnership, highlighting that it will facilitate the global adoption of cryptocurrencies. By collaborating with PayPal and Paxos, Crypto.com can leverage their resources and expertise to expand its user base. This move demonstrates Crypto.com’s commitment to providing innovative solutions and services to its 80 million users worldwide.
Crypto.com listed PYUSD in August, catering to both retail and institutional users. PYUSD is an ERC-20 token issued by Paxos Trust Company on the Ethereum blockchain network. It is backed by U.S. dollar deposits, short-term U.S. Treasury bonds, and other cash equivalents. The integration enables Crypto.com to offer the “deepest liquidity” for PYUSD trading pairs globally, positioning it as a preferred exchange for the stablecoin.
The collaboration between PayPal and Crypto.com goes beyond the integration of PYUSD. Crypto.com’s platform already supports the use of PayPal to top up Crypto.com Visa Cards. Going forward, both companies plan to explore more opportunities to enhance connected top-up and commerce capabilities. This strategic collaboration allows Crypto.com to tap into PayPal’s extensive network of consumers and merchants, further expanding its reach.
In addition to Crypto.com, PayPal’s stablecoin is available on select exchanges such as Bitstamp, Coinbase, and Kraken. The recent announcement that Venmo, PayPal’s peer-to-peer mobile payments platform, has started rolling out PYUSD to selected users further extends the reach of the stablecoin. This broader availability of PYUSD across multiple platforms contributes to its accessibility and usability.
Following the launch of PYUSD in August, there were some criticisms within the crypto ecosystem regarding the demand for the stablecoin. Some claimed that there was insufficient demand from crypto users. However, it is essential to consider that crypto adoption takes time and that stablecoins, like PYUSD, provide stability and security to users in a volatile market. Moreover, the limited uptake among “smart money” investors, who are generally well-informed professionals, contributed to the initial skepticism.
The integration of PayPal USD with Crypto.com marks a significant milestone in the journey towards mainstream crypto adoption. By aligning with industry leaders such as PayPal and Paxos, Crypto.com strengthens its position as a trusted exchange and paves the way for more partnerships and collaborations in the future. As more users gain access to cryptocurrencies through platforms like Crypto.com, the global adoption of crypto will continue to accelerate, ushering in a new era of financial inclusion and digital transactions.
The integration of PayPal USD with Crypto.com provides a boost for crypto adoption by enhancing liquidity, expanding reach, and addressing criticisms. This strategic collaboration sets the stage for further innovation and partnerships, ultimately driving the global adoption of cryptocurrencies and bringing the benefits of decentralized finance to a wider audience.
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