Crypto.com, who disclosed this announcement via an official blog post, stated that the integration with PayID would enable its users to register for a PayID from the CRYPTO.COM app.
?? Early Access Launches Today ??
?? Own your unique https://t.co/vCNztABJoG PayID
& replace multiple complicated wallet addresses
?? Supporting $BTC, $ETH, $XRP, $CRO & many more ERC20 tokens
Find out how: https://t.co/vuPUXMEvgA@payid_org @Ripple pic.twitter.com/OC5wCaYBxj
— Crypto.com (@cryptocom) October 20, 2020
According to the announcement, the integration will unveil a new initiative that would consolidate complex wallet addresses by providing users with a simple ID that can be used across all payment networks.
The crypto platform, which recently celebrated achieving the benchmark of having five million users, noted that the initiative would tackle the issue of complex wallet addresses, which the platform noted is an issue for crypto adoption growth due to the possibility of transaction errors.
The statement reads, “Users who register for their unique PayID will get an exclusive Crypto.com-branded, easy-to-read ID. That enables users to send/receive crypto payments from other compatible wallets with just a single ID. Also, making it easier to connect to 100M+ crypto users worldwide.”
Crypto.com offers early access for PayID
To increase user interest and registration for the new feature, Crypto.com announced the ability for users to gain early access to getting their own Crypto.com PayID.
Notably, before November 2, 2020, users who stake 10,000 CRO or more in the Crypto.com exchange or app would be eligible to register. This changes after November 2 rolls around as all Crypto.com app users would then be able to register their own PayID within the exchange’s app.
Similarly, the crypto platform recently unveiled the first version of its new testnet “Croeseid.” The testnet features a new codebase based on the Cosmos SDK and is named after the “first gold and silver bimetallic coin that had a standardized purity.” Crypto.com notes that this coin massively spurred the growth of coinage in the ancient world. This historical growth dovetails with the platform’s mission of accelerating the adoption of cryptocurrency by the world.
Other developments on Crypto.com
It’s worth noting that while the platform’s focus is on crypto adoption, it is also expanding options to its customers by adding new digital assets to its platform.
Recently, Crypto.com listed ANKR onto its platform, adding it to the ever-increasing list of over 80 cryptocurrencies and stablecoins on its mobile app.
When the Crypto.com PayID initiative launches, it will support many popular digital currencies like Bitcoin (BTC), Ethereum (ETH), CRO, XRP, and many ERC20 tokens.
According to Coingecko, Crypto.com’s native token (CRO) was trading at $0.098090 at press time. CRO boasts a market cap of $2,045,292,704 and a 24-hour trading volume of $68,564,280.
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