VALR, a worldwide cryptocurrency exchange that caters to both professional and retail traders globally, is pleased to announce that PayPal USD (PYUSD) will be listed on its platform against USDT and the South African Rand (ZAR) as of Tuesday, January 30, 2024. With this calculated step, VALR hopes to encourage the use of cryptocurrency assets in daily commerce while enabling users to travel seamlessly between fiat, cryptocurrency markets and networks, and the extensive PayPal ecosystem.
The world of digital assets shook when PayPal unveiled PYUSD, its own stablecoin, in August 2023. The first of its kind by a major U.S. financial institution, this dollar-denominated stablecoin is completely backed by U.S. dollar deposits, U.S. Treasuries, and other cash equivalents, guaranteeing a one-to-one redemption ratio in U.S. dollars. PayPal’s stablecoin highlights the company’s adherence to blockchain technology standards by being compatible with the Ethereum network.
Gianluca Sacco, Chief Operating Officer at VALR, expressed enthusiasm about this collaboration, stating, “At VALR, our mission is to provide a seamless gateway into the world of crypto for our users, and to offer a high-performance, high-integrity trading venue for optimal price discovery. By listing PYUSD against USDT and ZAR, we are not only enabling users to swiftly on- and off-ramp into the crypto space but also allowing them to tap into the immense potential of the PayPal ecosystem. We believe this move will further bridge the gap between traditional finance and the crypto world.”
With its main office located in Johannesburg, South Africa, VALR has established itself as a well-known worldwide cryptocurrency exchange that provides markets for OTC, Simple Buy & Sell, Margin, Perpetual Futures, and Spot. Serving more than half a million traders globally, VALR has over 900 corporate and institutional clients and processes over $15 billion in trading volume. Notable investors, such as Coinbase Ventures, Pantera Capital, and Avon Ventures, which are connected to the parent company of Fidelity Investments, have contributed a significant amount of equity funding to VALR.
By giving VALR customers direct access to PYUSD through this listing, their trading and investment choices in the cryptocurrency market will be expanded. Trading on VALR for the PYUSD/USDT and PYUSD/ZAR trading pairings will begin on January 30, 2024.
VALR is making great progress in streamlining the cryptocurrency experience for consumers worldwide, further solidifying its standing as a trustworthy and progressive exchange. To obtain additional details and remain informed, please visit www.valr.com.