This move builds on PayPal and Crypto.com’s previous partnership, such as an option to use PayPal to top up the Crypto.com Visa Card, according to the press release.
In his commentary, Joe Anzures, senior vice president of Americas and global head of payment partnerships at Crypto.com, called Paxos “a market-leading issuer of stablecoins” and expressed the company’s excitement about the collaboration: “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.”. The United States dollar-pegged stablecoin is built on Ethereum and fully backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents.