Crypto.com, a prominent cryptocurrency exchange, is fortifying its relationship with PayPal and Paxos, aiming to enhance the global adoption of crypto, particularly focusing on the integration of PayPal USD (PYUSD). This collaboration is set to position Crypto.com as a preferred exchange for the stablecoin, PYUSD.
Aiming for Global Crypto Adoption
The partnership, announced on Thursday, is a concerted effort by Crypto.com, payments titan PayPal, and blockchain infrastructure firm Paxos. Kris Marszalek, CEO of Crypto.com, emphasized that this alliance is a significant stride towards proliferating the acceptance and use of cryptocurrencies globally.
Crypto.com had previously listed PYUSD in August, making it accessible to both retail and institutional users. PYUSD is an ERC-20 token, issued by Paxos Trust Company on the Ethereum blockchain, and is backed by U.S. dollar deposits, short-term U.S. Treasury bonds, and other cash equivalents.
Deepening Liquidity and Ties
Crypto.com asserted that it offers the “deepest liquidity” for PYUSD trading pairs globally. Joe Anzures, the global head of payment partnerships at Crypto.com, highlighted the importance of connecting their extensive user base to the latest crypto innovations and supporting PayPal’s expansive network of consumers and merchants.
The collaboration is an extension of the existing integrations between PayPal and Crypto.com, which include the provision to use PayPal for topping up Crypto.com Visa Cards. The partnership is poised to explore more connected top-up and commerce capabilities in the future.
Challenges and Criticisms
Despite the strategic alliance, PYUSD has faced criticisms and challenges since its launch in August, with skeptics pointing out the apparent lack of demand from crypto users for the stablecoin. A report from blockchain analytics platform Nansen indicated that PYUSD is struggling to gain traction, with approximately 90% of PYUSD tokens still held in Paxos Trust’s wallets and negligible uptake among “smart money” investors.
Conclusion
The strategic partnership between Crypto.com, PayPal, and Paxos is a pivotal development in the crypto ecosystem, aiming to foster global crypto adoption and enhance the utility and accessibility of PYUSD. While the collaboration signifies a mutual commitment to expanding crypto innovations and services, the journey of PYUSD in the crypto market will be closely watched, given the challenges and skepticism it has encountered. The alliance’s success will largely depend on its ability to address these challenges and meet the evolving needs of the diverse user base in the dynamic crypto landscape.
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