PayPal Chief Breaks Silence on Coinbase Deal: What It Means for Cryptocurrency

PayPal CEO Alex Chriss recently discussed the company’s growing partnership with crypto exchange Coinbase. Coinbase announced it would collaborate with PayPal to further develop stablecoin payment solutions.

On Thursday, Coinbase announced it would enhance its partnership with PayPal to speed up adoption, distribution, and usage of PayPal’s PYUSD stablecoin. Coinbase will support direct 1:1 conversions between PYUSD and USD across its custody and trading services, and also plans to explore additional on-chain applications for PYUSD, aiming to increase institutional access and stablecoin utility.

This partnership expands on the companies’ previous efforts announced in 2021, which allowed Coinbase users to fund transactions through their PayPal accounts and withdraw fiat currency from Coinbase to PayPal.

PayPal CEO Alex Chriss commented on the latest development in a tweet, saying, “Incredibly excited to partner with Brian Armstrong and the Coinbase team to offer Coinbase users easier access to PYUSD and to jointly explore additional use cases.”

PayPal’s CEO further explained the partnership, stating, “We’re driving innovation and shaping the future of commerce by leveraging cutting-edge technologies—such as AI, blockchain, and stablecoins—to offer our customers the most advanced shopping experiences.”

An official PayPal release quoted the CEO, saying that the collaboration will “foster new, exciting, and innovative use cases alongside Coinbase and the broader cryptocurrency community, positioning PYUSD at the core and driving increased utility and adoption of digital currencies among developers, customers, and other users.”

The partnership will also involve exploring DeFi, with Coinbase and PayPal committing to discover new use cases for PYUSD within DeFi and on-chain platforms. #Coinbase #Cryptocurrency