Singapore-based digital asset trading platform, Crypto.com, has joined forces with fintech giant PayPal and blockchain infrastructure provider Paxos in a strategic alliance to strengthen PayPal’s PYUSD stablecoin position in the market.
The Crypto.com-Paypal-Paxos Partnership
This new partnership between Crypto.com and PayPal enables users to fund their Crypto.com Visa Cards via PayPal. Along with this collaboration, Crypto.com revealed their plans to introduce additional trading features in the near future.
“We are tremendously excited to team up with them to advance the crypto frontier collectively. Connecting our more than 80 million users to the latest crypto innovations and supporting PayPal’s global network of consumers and merchants will be pivotal in our continued pursuit of crypto for every wallet,” said Joe Anzures, SVP and GM, Americas and Global Head of Payment Partnerships, Crypto.com
In August, prior to the alliance between it and Crypto.com, PayPal made its entry into the crypto market with the launch of PYUSD, a stablecoin built on the Ethereum blockchain and fully backed by US dollar deposits, short-term Treasurys, and cash equivalents. The stablecoin is pegged 1:1 to the US dollar, providing a stable option for participating in the crypto economy.
However, PYUSD’s approval as a digital asset may not result in swift adoption after launch. Alkesh Shah and Andrew Moss, analysts, noted that yield-bearing stablecoins could increase PYUSD adoption. Investors may prefer these higher-yielding options.
Nonetheless, PYUSD has managed to secure listings on several major exchanges, such as Bitstamp, Coinbase, and Kraken. In addition, popular crypto service providers BitPay and Metamask have accepted it as a payment option.
In the meantime, let’s help you find the best crypto exchange for your needs!
Disclaimer: Please note that this article serves solely for informational purposes. As such, it is not financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
