Privately held %Cryptocurrency exchange Crypto.com and financial technology company %PayPal (NASDAQ: $PYPL) have announced a new partnership.
The deal allows users of Crypto.com to use PayPal as a funding method for their cryptocurrency purchases and trades.
In a news release, the companies said that by connecting their PayPal and Crypto.com wallets, users can seamlessly move their digital assets and cash.
The arrangement is initially only available to Crypto.com users in the U.S. However, the companies said they plan to eventually expand the feature to other markets.
Users of Crypto.com can also use PayPal to top up and make payments on their Crypto.com-sponsored Visa credit cards.
PayPal has been pushing further into cryptocurrencies and digital assets, launching its own %Stablecoin called “PayPal USD.”
The PayPal USD stablecoin just surpassed $1 billion U.S., up from $265 million U.S. when it launched earlier this year.
Management at PayPal have said that the company should earn significant interest income from the stablecoin.
The new partnership isn’t the first one between Crypto.com and PayPal. Crypto.com is already the preferred exchange for the PayPal stablecoin.
The stock of PayPal has increased 13% over the past 12 months and currently trades at $70.43 U.S. per share.