In a bid to promote the widespread use of cryptocurrencies, cryptocurrency exchange Crypto.com has announced its integration of PayPal USD (PYUSD) as a preferred exchange for the stablecoin. The partnership involves payments giant PayPal and blockchain infrastructure company Paxos. This move aims to enhance the global adoption of crypto, according to Crypto.com CEO Kris Marszalek.
Crypto.com had previously listed PYUSD for both its retail and institutional users, making it more accessible to a broader audience. The stablecoin, an ERC-20 token issued by Paxos Trust Company on the Ethereum blockchain network, is backed by U.S. dollar deposits, short-term U.S. Treasury bonds, and other cash equivalents. With this integration, Crypto.com asserts that it provides the deepest liquidity for trading pairs involving PYUSD on a global scale.
By collaborating with PayPal, which boasts a user base of over 80 million, Crypto.com aims to connect its users with the latest crypto innovations. This partnership not only supports PayPal’s network of consumers and merchants but also facilitates Crypto.com’s pursuit of ensuring widespread crypto adoption. Joe Anzures, global head of payment partnerships at Crypto.com, emphasized the significance of this collaboration in bringing crypto to every wallet.
This strategic collaboration builds upon the initial integrations between PayPal and Crypto.com, such as enabling the use of PayPal for topping up Crypto.com Visa Cards. Moving forward, both companies express their intent to explore additional connected top-up and commerce capabilities that can further enhance the integration of their platforms.
Apart from Crypto.com, PayPal’s stablecoin, PYUSD, is available on selected exchanges like Bitstamp, Coinbase, and Kraken. Furthermore, PayPal’s peer-to-peer mobile payments platform, Venmo, has begun rolling out PYUSD to selected users from September 20. Despite these efforts, the launch of PYUSD in August faced criticism from the crypto ecosystem, mainly questioning the demand for the stablecoin among crypto users. Additionally, there was relatively low uptake among well-informed or professional investors, referred to as “smart money” investors.
The integration of PayPal USD on Crypto.com emerges as a significant step towards promoting the global adoption of cryptocurrencies. By becoming a preferred exchange for PYUSD, Crypto.com enhances liquidity and accessibility, making it easier for users to engage with cryptocurrencies. With this partnership, Crypto.com aims to leverage PayPal’s vast user base to introduce more individuals and businesses to the world of crypto. As both companies continue to explore further integrations and capabilities, the future of crypto adoption appears to be on an upward trajectory.
