Revolutionary Alliance: Crypto.com & PayPal Unite for PYUSD
Crypto.com, a major player in the world of digital assets, has entered into a strategic partnership with PayPal, a globally recognized giant in the realm of digital payments, marking an exciting development that positions Crypto.com as the platform of choice for PayPal USD (PYUSD), a newly introduced stablecoin from the PayPal ecosystem.
In an official announcement that exudes optimism and forward-looking collaboration, this partnership is described as a significant step forward in their ongoing integration efforts. Notably, it includes the convenience of a top-up service that seamlessly bridges PayPal and the Crypto.com Visa Card, enhancing user convenience.
PYUSD Designates Crypto.com as Its Preferred Trading Platform
Designated as the Preferred Exchange for PYUSD, Crypto.com wasted no time in incorporating PYUSD into its platform, making it available to users merely a fortnight after PayPal's stablecoin launch. Since then, this cryptocurrency exchange has witnessed a substantial influx of liquidity for PYUSD trading pairs, establishing itself as a global leader in this regard.
With the PayPal partnership in the bag, Crypto.com now finds itself in a favorable position to explore a multitude of top-up and commercial capabilities, which are anticipated to be rolled out to users in the foreseeable future. As the crypto exchange gears up for the next phase, they are also gearing up to unveil an array of innovative trading features, promising exciting times ahead for the crypto community.
Reflecting on this momentous collaboration, Joe Anzures, Senior Vice President and General Manager of Americas and Global Head of Payment Partnerships at Crypto.com, expressed his enthusiasm: "PayPal has unquestionably been a trailblazer in the evolution of digital commerce, and Paxos, as a leading issuer of stablecoins, brings remarkable credibility to the table. We are absolutely thrilled to join forces with them as we collectively embark on pushing the boundaries of the crypto frontier."
This partnership holds the promise of connecting Crypto.com's extensive user base, numbering over 80 million strong, to the very latest in crypto innovations. Moreover, it aims to provide robust support to PayPal's extensive global network, encompassing both consumers and merchants. Such a collaborative effort is set to play an instrumental role in advancing the goal of making cryptocurrencies accessible to a broader audience.
NYDFS Officially Approves PYUSD
In parallel news, the PYUSD stablecoin, introduced by PayPal in early August, has been gaining rapid acceptance within the cryptocurrency community. This stablecoin, backed by U.S. dollar deposits, short-term U.S. treasuries, and similar cash equivalents, and built on the Ethereum blockchain, has found its way onto the listings of several major exchanges, including Coinbase, Huobi, Kraken, Bybit, BitMart, and Bitstamp. Notably, crypto payment platform BitPay and the popular digital asset wallet MetaMask have also embraced PYUSD as a payment option for their user base.
Adding to the momentum, PayPal recently made headlines by announcing its intention to allow select Venmo users to seamlessly purchase and send PYUSD to other Venmo users and PayPal wallets without incurring any transaction fees. Furthermore, plans are underway to extend this service to all Venmo users, promising wider accessibility.
In a significant regulatory development, the New York State Department of Financial Services (NYDFS) has extended its stamp of approval to PYUSD, including it in the list of "green-listed" cryptocurrencies, affirming its compliance with regulatory standards and bolstering its reputation in the cryptocurrency landscape.
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