Crypto.com Collaborates with PayPal and Paxos on PYUSD Integration: Key Highlights
Crypto.com, a renowned cryptocurrency exchange, has integrated PayPal USD (PYUSD), positioning itself as a favored platform for this stablecoin.
On Thursday, Crypto.com unveiled its collaboration with payment leader PayPal and blockchain pioneer Paxos, aiming to accelerate “worldwide crypto adoption,” according to a statement by Crypto.com’s CEO, Kris Marszalek.
Earlier in August, Crypto.com introduced PYUSD to its roster for both individual and institutional traders. This stablecoin, an ERC-20 token, is released by the Paxos Trust Company via the Ethereum blockchain and has backing from U.S. dollar reserves, brief U.S. Treasury bonds, and comparable cash assets.
Crypto.com reiterated its claim on Thursday of providing the “most profound liquidity” for global PYUSD trade pairings.
“With over 80 million users under our wing, linking them to groundbreaking crypto advancements and bolstering PayPal’s vast consumer and merchant network will play a key role in our ongoing mission to bring crypto to every wallet,” mentioned Joe Anzures, Crypto.com’s chief of global payment partnerships.
Deepening the Bond between Crypto.com and PayPal
This recent development is an extension of the initial integrations shared by PayPal and Crypto.com, which include facilitating PayPal as a method to top up Crypto.com’s Visa Cards.
The announcement hinted at both companies’ future endeavors, stating: “PayPal and Crypto.com aim to further innovate by bringing more unified top-up and commercial functionalities to the market.”
Besides Crypto.com, PayPal’s stablecoin has found a home on several other chosen exchanges like Bitstamp, Coinbase, and Kraken. In a new update, PayPal revealed that its P2P mobile payment solution, Venmo, started offering PYUSD to a select group of users as of September 20.
Post the August debut of PYUSD, the stablecoin faced scrutiny within the crypto community, with many highlighting an apparent lack of interest from crypto enthusiasts.
Intriguingly, a study by the blockchain research platform Nansen revealed challenges for PYUSD in establishing a solid foothold. The analysis highlighted that nearly 90% of PYUSD tokens are predominantly in the custody of its issuer, Paxos Trust. Simultaneously, its adoption by “smart money” patrons, or those with expert knowledge, remains relatively minimal.