Transak, a prominent provider of Web3 payments infrastructure, is pleased to announce the inclusion of PayPal’s stablecoin, PayPal USD (PYUSD), on its platform
This strategic move enhances the accessibility of digital currencies by enabling Transak users to purchase PYUSD using their favored local payment methods
Promoting the Adoption of Cryptocurrencies with PYUSD
The conversion of traditional currencies into crypto assets is a substantial obstacle to the widespread adoption of cryptocurrencies, as acknowledged by Sami Start, CEO of Transak.
“We are leveraging the familiarity and reputation of PayPal to facilitate the transition into the world of decentralized finance by listing PYUSD, providing a trusted on-ramp for traders,” stated Start. This integration aims to streamline the process, facilitating consumers’ entry into the cryptocurrency market.
Increasing the Speed of Mainstream Adoption and Innovation
The expanded availability of PYUSD on Transak’s platform is anticipated to expedite the mainstream adoption of cryptocurrencies and encourage the development of innovative use cases. PYUSD offers stability and reliability as a fiat-backed stablecoin, serving as a secure entry into the cryptocurrency world.
“The integration of PYUSD on Transak is a step towards meeting evolving consumer needs by providing them with expanded choices regarding their finances,” stated Nick Robnett, Head of Asset Growth at Paxos. Stablecoins and blockchain technology are the future of finance, and this presents a significant opportunity to introduce this technology to consumers in a secure manner.
Trust and Regulatory Oversight
Paxos Trust Corporation, a fully chartered limited-purpose trust corporation, is the issuer of PayPal USD. The New York State Department of Financial Services regulates Paxos and its products, including their expansion to new blockchains.
The reserves for PayPal USD are entirely backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents, ensuring that PayPal USD can be purchased or sold at a consistent rate of $1.00 per PayPal USD through PayPal and Venmo.
The Transition to a Decentralized Financial Future
This announcement represents a substantial stride toward a more integrated Internet of ownership, where users have more control over their digital assets. The collaboration between PayPal USD and Transak represents a critical juncture in the development of digital finance, as it fosters a financial ecosystem that is more decentralized and accessible.
Regarding Transak
Transak is the world’s largest and most compliant Web3 payments infrastructure provider, providing services to more than 5 million consumers in 160 countries. With its API-driven fiat-crypto on/off-ramp, NFT checkout, and other solutions that simplify KYC, compliance, payment methods, and customer support, it enables over 350 platforms, facilitating the purchase and sale of digital assets.
Transak is a technology center in Bengaluru with offices in London, Milan, Dubai, and Hong Kong. The company is incorporated in Delaware and headquartered in Miami, US.