We’re thrilled to announce a significant addition to the Bitmama platform, a move that not only enhances our offering but also marks a milestone in the Nigerian crypto market (we’re the first) – the listing of PayPal USD (PYUSD).
Cryptocurrency enthusiasts, the arrival of PYUSD presents an exciting development in our mission to bring diverse and secure trading opportunities to our users. This is a stablecoin by PayPal, therefore, it is backed by solid and highly liquid assets 🔐, including the U.S. dollar, short-term U.S. Treasuries, and similar cash equivalents.
Ready to trade PYUSD? Download the Bitmama app now.
What Is PYUSD?
PYUSD is a stablecoin built on a foundation of secure and highly liquid assets, including U.S. dollar deposits and short-term U.S. Treasuries. Therefore, the stability of this coin is preserved by these real-world assets, ensuring users have a reliable digital asset in their portfolios.
This is more than just another cryptocurrency addition, it’s an opportunity for you to experience a secure, stable, and highly liquid coin that adds a new low-risk option to your trading activities.
Some of the reasons why PYUSD is a great asset include:
- Stability: As a stablecoin, PYUSD remains resistant to the price volatility that characterizes many cryptocurrencies. This feature enhances its use as a reliable and secure digital asset.
- Usability: PYUSD is designed to be user-friendly. You can utilize it for everyday purchases, with the added convenience of automatic conversion to fiat currency at the point of sale. This function simplifies your financial management and promotes easy integration into your daily transactions.
- Security: Also, PYUSD is built on the Ethereum blockchain, ensuring a high level of security. It’s compatible with various crypto wallets, further enhancing its reliability.
- Liquidity: Transfers of PYUSD are not limited to the Bitmama platform. You can also transfer this stablecoin to compatible crypto wallets within and outside of PayPal, offering liquidity and flexibility.
Let’s help you make an informed decision – DeFi vs CeFi in crypto: which is better for you?
What can you do with PYUSD?
Here are some of the real-world use cases of PYUSD:
1. Receive money from other PayPal users
You can receive money directly from other PayPal users through PYUSD on your Bitmama wallet. The process is easy and simple. Basically, all you need to do is provide your wallet address and they can send money to you directly.
2. Purchase Airtime/Data:
Never run out of mobile connectivity again. Basically, with PYUSD, you can top up your airtime and data instantly, ensuring you’re always connected. No more searching for physical recharge cards or dealing with inconvenient payment methods.
3. Buy and Sell Cryptocurrencies:
Cryptocurrency trading is at your fingertips. Use PYUSD to buy your favorite cryptocurrencies with ease, and when the time is right, sell them seamlessly. The stable nature of PYUSD provides a secure foundation for your trading activities.
4. Greenbox Gifting:
Want to send the perfect gift to someone? Use PYUSD for Greenbox gifting. Whether it’s a birthday, anniversary, or just a spontaneous surprise, your gift will reach your loved ones in a heartbeat.
5. Funding/Creating Virtual Cards:
Basically, managing your finances is more straightforward than ever. Utilize PYUSD to fund and create virtual cards, each tailored to a specific financial goal. Bitmama allows you to name them as you like, such as “Travel Fund,” “Grocery Guru,” or “Movie Sub.” These custom labels offer clarity and ease in managing your expenses.
6. Make General Purchases:
The versatility of PYUSD extends to everyday purchases (on platforms that accept stablecoins). When you use PYUSD, automatic conversion to fiat currency takes place at the point of sale. Therefore, this function simplifies your financial transactions, making the payment process more convenient and efficient.
What are the benefits of PYUSD for users?
Some of the benefits of PYUSD include:
- Diverse trading: Bitmama is proud to be the first exchange in Nigeria to list PYUSD. This means you have an opportunity to diversify your trading portfolio with a stablecoin that combines security, stability, and liquidity.
- Simplicity: The versatility of PYUSD means you can use it across all features involving stablecoin transactions on Bitmama. Whether you’re topping up your airtime, purchasing cryptocurrencies, utilizing our Greenbox service, or funding/creating virtual cards, PYUSD offers you a straightforward and efficient way to manage your finances.
Getting Started with PYUSD on Bitmama
- App Users: For Android users, ensure you have the latest Bitmama app version to access PYUSD. Simply update your app to unleash the full potential of this addition.
- Web Access: If you’re not an Android user, don’t worry. You can explore the opportunities offered by PYUSD through the Bitmama web platform.
Basically, the introduction of PYUSD is not just about expanding our offerings; it’s a symbol of our dedication to enhancing your crypto experience. We believe in empowering you with the tools and opportunities to make your crypto journey extraordinary.
Ready to explore all PYUSD has to offer? Download the Bitmama app now.