BVNK has added PayPal’s stablecoin PYUSD to its platform.
Takeaway Points
- BVNK has added PayPal’s stablecoin PYUSD to its platform.
- The aim of integrating PYUSD on BVNK’s platform is to allow customers to have access to PayPal’s stablecoin on their platform.
- With this integration, customers can create PYUSD wallets to hold funds and pay their suppliers, contractors, and employees around the world.
- Paxos adds J. Christopher Giancarlo to its board of directors.
What did BVNK do?
The Payments platform BVNK announced on Thursday in its blog that it has added PayPal’s dollar-pegged stablecoin PYUSD to its payment platform. The aim of integrating PYUSD on BVNK’s platform is to allow customers to have access to PayPal’s stablecoin on their platform and a variety of digital and fiat currencies.
Chris Harmse, BVNK co-founder and VP of Commercial Strategy, said in a comment “We’re building modern payment infrastructure to enable more businesses to operate across banks and blockchains and maximize financial flexibility. Stablecoins make up almost 90% of the payment we process, and they’re very important to our customers as a way to settle global payment efficiently. We’re thrilled to introduce PYUSD to our platform.”
Nick Robnett, Head of Asset Growth at Paxos,said “As a dollar-pegged stablecoin that is issued by Paxos Trust Company, which is overseen by New York Department of Financial Services, PYUSD is bringing greater trust to digital assets. We’re seeing growth every day as it’s rolled out across the PayPal ecosystem – and we’re delighted to team up with BVNK to give more businesses access to PYUSD, and more options for how they move their money globally.”
With this integration, customers can create PYUSD wallets to hold funds, pay their suppliers, contractors, and employees around the world, and accept customer payments in PYUSD through BVNK’s API, hosted payments page, or merchant portal, the company said in the report.
What is PayPal USD (PYUSD)?
PayPal USD (PYUSD) is PayPal’s stablecoin designed for payments and issued by Paxos Trust Company. Like other crypto assets, it can move instantaneously, anywhere in the world, at any time, and it’s programmable and regulated by the New York State Department of Financial Services, the report said.
Paxos adds J. Christopher Giancarlo to its board of directors.
On May 14, 2024, Paxos announced it had added J. Christopher Giancarlo, former Chairman of the United States Commodity Futures Trading Commission (CFTC), to its board of directors.
Charles Cascarilla, CEO and Co-Founder of Paxos, said in a comment that Chris will bring his expertise and understanding of the market dynamics to Paxos.
“Chris brings unparalleled expertise and understanding of complex market dynamics to Paxos. He has been at the forefront of advocating for blockchain to improve the infrastructure of our financial system. His insights will support us as we expand our position as a leader in regulated digital asset market structure and stablecoin innovation. We appreciate his guidance as we grow our global regulatory footprint and facilitate the safe adoption of digital assets and blockchain,” Charles said.
Paxos Trust Company LLC is a regulated blockchain and tokenization infrastructure platform that was established in 2012. It has more than 350 employees, and every aspect of its operations is supervised by the New York Department of Financial Services. Paxos received the first limited-purpose trust charter for digital assets from the NYDFS in 2015, according to Paxos.
