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PayPal has joined forces with Crypto.com and Paxos to widen the use and adoption of its PayPal USD stablecoin. For Crypto.com, it has become the preferred exchange for PayPal’s cryptocurrency token called the stablecoin.
The cryptocurrency exchange firm based in Singapore is integrating the PYUSD into its platform, which has been established as the token’s preferred exchange. The company confirmed its collaboration with PayPal and New York-based Paxos tech company on Thursday, Sept. 28.
Cooperation for Global Adoption of Cryptocurrency
According to CoinTelegraph, the agreement between the three builds on Crypto.com and PayPal’s initial tie-up. This allowed customers to top up their Cryptp.com Visa Card through PayPal.
In any case, the main aim of the team-up is to accelerate and promote the adoption of crypto around the world. By integrating their services, the companies are hoping to encourage more people to use cryptocurrencies for financial transactions.
When PayPal launched its stablecoin in August, the fintech firm said it hopes to connect its over 80 million global users to the latest crypto innovations while also supporting its own global network of consumers and merchants.
The Partners’ Future Plans for Crypto
As Crypto.com and Paxos incorporate PayPal USD in their services, the companies are planning to work together further for other projects. The firms will continue exploring technologies to bring more commerce capabilities to the crypto market.
“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,” Crypto.com’s senior vice president and general manager of Americas and global head of payment partnerships, Joe Anzures, said in a press release.
He added, “Connecting our more than 80 million users to the latest crypto innovations, as well as supporting PayPal’s global network of consumers and merchants, will be pivotal in our continued pursuit of crypto to every wallet.”
Photo by: Crypto.com Press Release
