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PayPal CEO Alex Chriss has spoken about the company's expanding collaboration with cryptocurrency exchange Coinbase. In a recent announcement, Coinbase stated it was teaming up with PayPal to advance stablecoin payments.
On Thursday, Coinbase said it was expanding its partnership with PayPal to accelerate the adoption, distribution and use of the PayPal USD (PYUSD) stablecoin. Coinbase will boost PYUSD’s utility by supporting 1:1 PYUSD-USD conversions across its custody and trading platforms and will explore the development of new on-chain use cases for PYUSD. Coinbase looks to drive institutional stablecoin utility by expanding PYUSD access.
This collaboration builds on prior work announced by the two firms in 2021, allowing Coinbase users to use their PayPal accounts to fund purchases on Coinbase and withdraw fiat currency from the platform.
PayPal CEO reacts
In a tweet, PayPal CEO Alex Chriss reacted to the latest move by the two companies, saying, "Incredibly excited to work with Brian Armstrong and the Coinbase team to create more seamless ways for Coinbase’s users to access PYUSD and to collaborate on future use cases."
The PayPal CEO elaborated on the partnership, adding, "We’re innovating and building the future of commerce using the latest technologies—from AI to blockchain to stablecoins—to provide our customers with the most advanced ways to engage in a shopping experience."
Vladislav SopovAn official release from PayPal cited the CEO as stating that the partnership will "drive new, exciting, and innovative use cases together with Coinbase and the entire cryptocurrency community, putting PYUSD at the center and driving further utility and adoption for digital currencies among developers, customers, and other users."
The collaboration will also include DeFi exploration, with Coinbase and PayPal agreeing to explore new use cases for PYUSD in DeFi and on-chain platforms.
Vladislav Sopov
Dan Burgin