Crypto.com has announced yet another strategic partnership that will see users able to utilize human-readable cryptocurrency payment systems. The virtual currency exchange platform is in collaboration with the Open Payment Coalition to adopt the latter’s PayID solution on its retail app.
Complex wallet addresses and passphrases continue to be a major hurdle for more broad-based adoption of crypto payments. Replacing these long-string addresses with human-readable counterparts as is the case with emails.
Universal Cryptocurrency Payment Identity
According to an Oct. 19 press release shared with Blockonomi, PayID is now available on the Crypto.com app. PayID is a universal payment identity solution engineered to deliver cross-platform functionality for users.
Based on the collaboration between Crypto.com and the Open Payment Coalition, Crypto.com customers can now use PayID to consolidate their wallet addresses into a single human-readable ID. This coalesced payment ID is functional across multiple currencies and settlement channels.
According to the press statement, registered PayID users will receive an exclusive Crypto.com branded, human-readable ID. Explaining the need for solutions like PayID, a portion of the press release reads:
PayID solves a key pain point in the crypto payments world, which consists of many closed and complex networks. Participants must manage multiple long and random wallet addresses, increasing the likelihood of erroneous transactions. PayID creates a free, open and common protocol that allows for interoperability between any payment network or currency.
As previously reported by Blockonomi, Crypto.com expanded its services to support all ERC-20 wallets back in September. Thus, the addition of PayID now means the platform’s over 5 million users now have access to a single easy-to-read ID that enables payments to 100 million crypto users worldwide.
These new payment features are on top of the high-performance platform upgrade announced back in June. At the time, the exchange revealed that it was gearing up to enter the expanding cryptocurrency derivatives market.
Crypto.com Promises Rewards for Early PayID USers
To bootstrap adoption of the new PayID feature, Crypto.com is offering a chance for early access to the payment system. To be eligible, customers need only stake 10,000 CRO or more on the Crypto.com exchange or on the app.
According to the press release, the full launch will take place on Nov. 2, 2020. At that time, all Crypto.com users will be able to register their own unique PayID right from the app.
Apart from the ever-growing spectrum of ERC-20 tokens, the PayID system will also support popular cryptocurrencies like Bitcoin (BTC), XRP, Ethereum (ETH), and CRO; the native token of the Crypto.com ecosystem.