Payments Giant PayPal Partners with Crypto.com to Boost Global Adoption of Crypto
Crypto.com, a popular payments and cryptocurrency exchange platform, has announced its integration with PayPal USD (PYUSD), making it a preferred exchange for the stablecoin. This move aims to further promote the global adoption of cryptocurrencies, according to Crypto.com CEO Kris Marszalek.
In August, Crypto.com listed PYUSD for both retail and institutional users. The stablecoin, an ERC-20 token issued by Paxos Trust Company on the Ethereum blockchain network, is backed by U.S. dollar deposits and other cash equivalents.
Crypto.com has confirmed that it offers the deepest liquidity for PYUSD trading pairs worldwide. With over 80 million users, connecting them to the latest crypto innovations and supporting PayPal’s extensive network of consumers and merchants is crucial in expanding cryptocurrency accessibility.
Deepening Ties Between Crypto.com and PayPal
The partnership between Crypto.com and PayPal builds on their initial integrations, such as enabling PayPal as a top-up option for Crypto.com Visa Cards. Both companies plan to explore additional connected top-up and commerce capabilities in the future.
PayPal’s stablecoin is also available on other selected exchanges like Bitstamp, Coinbase, and Kraken. Moreover, Venmo, PayPal’s peer-to-peer mobile payments platform, has started rolling out PYUSD to selected users since September 20.
Challenges for PayPal USD
Since the launch of PYUSD in August, there have been criticisms regarding its demand among crypto users. A recent report from blockchain analytics platform Nansen highlights that around 90% of PYUSD tokens are held in Paxos Trust’s wallets. Additionally, uptake among well-informed or professional investors has been minimal.
Hot Take: Crypto.com and PayPal Collaborate to Drive Crypto Adoption
The integration between Crypto.com and PayPal, with the addition of PYUSD as a preferred stablecoin, aims to accelerate the global adoption of cryptocurrencies. By providing deep liquidity for PYUSD trading pairs and exploring further collaborations, both companies strive to make crypto accessible to more users. However, challenges lie in increasing demand for PYUSD among crypto users and attracting smart money investors. Nevertheless, this partnership signifies a significant step towards mainstream acceptance of digital currencies.
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