- Crypto.com announced the offering of PYUSD on their trading platform.
- This new deal will allow individuals and institutional investors to trade the crypto asset.
PayPal’s stablecoin, PYUSD, is a new crypto asset trying to break into the classification of stablecoins. There are other stablecoins in the market, such as USDT and USDC. So, PYUSD is using different means to get a market share.
Crypto.com Announce New Partnership with PayPal’s Stablecoin
- According to a new development, one of the most prominent crypto exchanges, Crypto.com, agreed to allow the trading of PYUSD. PYUSD is PayPal’s stablecoin, recently launched to disrupt the stablecoin market. So, the new deal between them and Crypto.com is part of their strategies.
- Crypto.com is known for its many partnerships in the crypto industry. At one time, they were even one of the top partners of the FIFA World Cup in 2022. So, they announced their partnership with PayPal and Paxos to become the preferred platform for PayPal’s stablecoin project, PayPal USD.
Why did PayPal Choose Crypto.com For the Deal
- There’s very intricate detail behind this new deal between Crypto.com, PayPal, and Paxos. So, Crypto.com currently has the largest liquidity pool for PYUSD trading pairs across the cryptocurrency markets. This makes them a very important aspect of the market for PayPal’s stablecoin. Moreover, this new deal will allow Crypto.com to enlist PYUSD for trading on their platform. So, the type of trading includes individual and institutional trading of the stablecoin.
Crypto.com Deal With PayPal’s Stablecoin Based on Previous Deals
- The root of the recent deal between PayPal, Paxos, and Crypto.com is due to previous deals existing between the entities. So, this information was according to the details of their latest press release. The new agreement would allow users to load balances to their Visa Card using PayPal on the exchange.
- Joe Anzures, Senior Vice President for the Americas Region and Global Head of Payment Partnerships at Crypto.com, spoke about the current situation. He said they agreed to deal with these entities as Paxos is a market leader in stablecoin issuance. So, there’s excitement within the crypto exchange on the deal with PayPal’s stablecoin.
- “Connecting our 80 million users to the latest crypto innovations and supporting PayPal’s global consumer and trade network will be crucial in our ongoing pursuit to bring crypto to every wallet,” he said.
- PayPal’s PYUSD is a new stablecoin project announced in August 2023. It exists within the Ethereum ecosystem and pegged to the US dollar. So, the backing of this stablecoin is with the US dollar deposits, short-term treasury bonds, and similar investments.
Conclusion
Crypto.com recently made an announcement regarding a new partnership with PayPal’s stablecoin, PYUSD. According to this announcement, they will start offering the sale of this asset on their platform. So, they make the trading of this stablecoin open to individual and institutional investors.
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