Leading digital asset exchange, Crypto.com, announced a partnership with global payments giant PayPal to become the preferred exchange for the recently launched PayPal USD (PYUSD).
According to an official release, the collaboration builds on the firms’ existing integrations, including a top-up service between PayPal and the Crypto.com Visa Card.
Crypto.com Becomes Preferred Exchange for PYUSD
Crypto.com listed PYUSD on its platform two weeks after PayPal launched the stablecoin. Since then, the crypto trading platform has amassed and holds the deepest liquidity for PYUSD trading pairs globally.
The partnership with PayPal will allow Crypto.com to explore more top-up and commercial capabilities to introduce to users in the future. The crypto exchange intends to announce new trading features soon.
“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,” said Joe Anzures, senior vice president and general manager of Americas and Global Head of Payment Partnerships at Crypto.com.
PYUSD Green-Listed by NYDFS
Since PayPal unveiled PYUSD in early August, the stablecoin has been made available on several major exchanges and crypto wallets. Issued by the popular stablecoin maker Paxos Trust Company, PYUSD is built on Ethereum, backed by U.S. dollar deposits, short-term U.S. treasuries, and similar cash equivalents, and redeemable 1:1 for USD.
Within two months after PYUSD’s launch, leading exchanges like Coinbase, Huobi, Kraken, Bybit, BitMart, and Bitstamp have listed the digital asset. Crypto payment platform BitPay and digital asset wallet MetaMask have also listed the coin as a payment option for their users.
Last week, PayPal announced that Venmo, its mobile payments app, would allow select users to buy and send PYUSD to other Venmo users and PayPal wallets for free. With time, the service will be expanded to all Venmo users.
Meanwhile, the New York State Department of Financial Services (NYDFS) recently included PYUSD among its green-listed coins.