Crypto.com, a cryptocurrency exchange headquartered in Singapore, has joined forces with PayPal and Paxos to establish itself as the preferred platform for PayPal USD.
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PayPal and Paxos Partner up with Crypto.com
As per the report, the exchange has listed PYUSD, making it available to both retail and institutional users, and has announced that “trading features are coming soon.”
In a press release dated September 28, it was revealed that Crypto.com currently holds the distinction of having the most extensive liquidity for PYUSD trading pairs. This development further builds upon the existing partnership between PayPal and Crypto.com, which has included features such as the ability to use PayPal for funding the Crypto.com Visa Card.
Supporting PayPal
The Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, Joe Anzures states: “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.” He also referred to Paxos as “a market-leading issuer of stablecoins.”
Crypto.com Expands Operations
As of June 2023, the company reportedly boasted a customer base of 80 million individuals and a workforce comprising 4,000 employees. Additionally, the exchange had introduced its proprietary token called Cronos.
It’s worth noting that the exchange has recently received significant approval and positive assessments from various regulatory bodies worldwide.
Regulatory Approvals
In June and December of the previous year, the exchange obtained preliminary approval for a Major Payment Institution License from the Monetary Authority of Singapore (MAS) and an EMI License from the Banco Central do Brasil, respectively.
Nonetheless, the company announced in June that its services would no longer be available to institutional clients in the United States starting that same month. The rationale behind this decision was attributed to the “limited demand” from institutional clients, which was attributed to the “current market conditions.”
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