Crypto.com has made a strategic move by forging an alliance with fintech behemoths PayPal and Paxos to position itself as the preferred PayPal USD [PYUSD] exchange. This partnership entails listing PYUSD on the Crypto.com platform, catering to both retail and institutional users. Currently, the Singapore-based digital exchange boasts the deepest liquidity for PYUSD trading pairs on a global scale.
For the uninitiated, deep liquidity refers to a market that has a high volume of trades and a large number of participants, including banks, financial institutions, and retail traders.
Joe Anzures, Senior Vice President and General Manager for the Americas and Global Head of Payment Partnerships at the trading firm, expressed his enthusiasm for this collaboration, stating, “PayPal has been a true pioneer in the digital commerce evolution, and Paxos is a market-leading issuer of stablecoins. We are tremendously excited to team up with them to collectively advance the crypto frontier.”
The integration between the two entities doesn’t stop here; it extends to various aspects, including the ability to use PayPal to top up the Crypto.com Visa Card. In accordance with the blog post, this collaboration aims to explore more connected top-up and commerce capabilities in the future, providing a seamless experience for users.
PYUSD is backed by 100% U.S. dollar deposits, short-term U.S. Treasury bonds, and cash equivalents, maintaining a 1:1 redeemable value with U.S. dollars. Paxos Trust Company is responsible for issuing PYUSD. Retail users can already access PYUSD deposits through the Crypto.com app, with additional trading features soon to follow.
Crypto.com Making Waves In Spain
Despite the ongoing global regulatory scrutiny surrounding cryptocurrencies, the virtual asset industry continued to expand its horizons. Crypto.com exemplifies this growth-oriented mindset by targeting new markets. In a recent update, the exchange shared that it had successfully obtained a Virtual Asset Service Provider [VASP] registration from the Bank of Spain. This regulatory milestone paves the way for Crypto.com to operate within Spain, marking its entry into the Spanish cryptocurrency market.
The collaboration between Crypto.com, PayPal, and Paxos signifies a significant advancement in the cryptocurrency sector, while Crypto.com’s expansion into Europe’s leading market underlines its commitment to driving innovation and accessibility in the world of digital assets.