Crypto.com now the preferred exchange for PayPal USD

Singapore-based Crypto.com has announced a new partnership with PayPal and Paxos to become the preferred platform for PayPal USD.

According to a press release posted today, 28 September, Crypto.com currently has the deepest liquidity for PYUSD trading pairs globally.

The exchange has listed PYUSD for retail and institutional users, with “trading features coming soon”.

The newest collab is in addition to Crypto.com and PayPal’s other offerings, such using PayPal to top up the Crypto.com Visa Card.

Joe Anzures, Crypto.com senior vice president and GM, Americas and global head of payment partnerships, said: “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.

“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.”

Last month, PayPal launched PYUSD, a dollar-pegged stablecoin built on Ethereum and backed by US dollar deposits, short-term Treasuries and similar cash equivalents. 

PYUSD is listed on the Coinbase, Bitstamp and Kraken exchanges, and is supported as a payment option by MetaMask and BitPay. Meanwhile, the New York State Department of Financial Services has also added PYUSD to its green list of cryptos allowed by the regulator.