Crypto exchange giant Crypto.com has announced its partnership with PayID. Through this collaboration, PayID will help drive the widespread adoption of crypto payments. This leads to a simplified process of sending and receiving money.
According to the exchange, early access is now available:
🔔 Early Access Launches Today 🔔
😎 Own your unique https://t.co/vCNztABJoG PayID
& replace multiple complicated wallet addresses
— Crypto.com (@cryptocom) October 20, 2020
PayID presents extensions to ledger transactions for on-chain payment. As a result, this reduces the hard-to-read crypto wallet addresses within the blockchain space. Alongside this, the universal ID aims to enable sending and receiving digital asset payments seamlessly.
Crypto.com users who register for their unique PayID will surely get an exclusive easy-to-read ID, compatible across other crypto wallets. With this single ID, crypto users worldwide can have a convenient crypto payment experience.
On November 2, all Crypto.com app users can register their own Crypto.com PayID. But until such time, users must stake 10,000 CRO or more on either the Crypto.com exchange or app platforms.
Giving an authoritative payment option and a user-friendly human-readability interface, PayID provides a comprehensive payment gateway between a payer and payee without counterparty risk. Moreover, the PayID universal protocol was mainly created and configured on top of HTTP and DNS standards to map the barriers between human-readable addresses and its corresponding payment addresses with several benefits.
In fact, PayID’s simplicity and open-source innovations open opportunities for companies, banks, startups, and payment providers. Without a doubt, they will effortlessly get access to more consumers and cryptocurrencies to expand their businesses worldwide.
Furthermore, the PayID protocol plans to widen its blockchain functionalities by providing a messaging standard for regulated institutions to exchange data. Hence, individual users are leveraged with the assured guarantee to strong security and non-deniability access with verified cryptographic proof.
Additionally, PayID offers an end-to-end compliance solution that satisfies FinCEN and FATF requirements.
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