Crypto.com Crypto.com has publicized another strategic alliance, enabling its users to embrace cryptocurrency transactions with human-friendly identifiers. Teaming up with the Open Payment Coalition, the platform has integrated the PayID system into its retail application.
The complexity of wallet addresses remains a significant obstacle in adopting widespread crypto transactions. Transforming these intricate strings into readable formats, similar to emails, aims to simplify the process.
The Global Identity for Cryptocurrency Payments
Per a statement released on October 19 and shared with Blockonomi, PayID is now available on the Crypto.com The innovative PayID service is a universal payment system designed to offer seamless cross-platform usability.
Based on the collaboration between Crypto.com Thanks to the collaboration with the Open Payment Coalition, Crypto.com patrons can now merge their wallet addresses into a single, easy-to-recognize ID. This comprehensive payment ID is compatible with various currencies and transactional channels.
The statement reveals that those registered with PayID will acquire a uniquely branded, easy-to-understand ID by Crypto.com. The press release underscores the necessity for such solutions by stating:
PayID addresses a critical issue in the crypto payment ecosystem, characterized by numerous isolated and intricate networks. Users often juggle multiple lengthy and arbitrary wallet addresses, heightening the risk of errors. PayID introduces a complimentary, open, and standard protocol that fosters interoperability across any payment framework or currency.
As previously reported As reported by Blockonomi, Crypto.com broadened its offerings to embrace all ERC-20 wallets last September. The introduction of PayID now grants over 5 million users access to a singular, straightforward ID, offering payment capabilities to 100 million crypto participants globally.
These enhancements complement the recent substantial platform upgrade. announced Since June, the exchange has shown intentions to penetrate the burgeoning crypto derivatives space.
Crypto.com Entices Early PayID Users with Potential Rewards
To encourage the uptake of the PayID feature, Crypto.com provides early access opportunities. Eligibility requires users to stake at least 10,000 CRO on the exchange or through the app.
The press communique predicts a full rollout on November 2, 2020. At this juncture, all users will have the ability to set up their exclusive PayID straight from the application.
In addition to the continuously broadening range of ERC-20 tokens, PayID will accommodate key cryptocurrencies like Bitcoin (BTC), XRP, Ethereum (ETH), and Crypto.com’s native token, CRO.
