Coinbase platforms to provide fee-free purchases and easy 1:1 redemption of PayPal USD while companies jointly explore new payment use cases

This collaboration will provide value for consumers, enterprises, and institutions as they continue to utilize digital currencies across platforms and borders

Part of the magic of blockchain technology is the potential it holds for cross-border collaboration. In the rapidly evolving landscape of Web3, we're excited to announce an expansion of our partnership with Coinbase to further the adoption, distribution, and utilization of PayPal USD (PYUSD). This partnership will provide value for consumers, enterprises, and institutions as they continue to use digital currencies across platforms and borders with the stability of regulated USD-denominated crypto-native assets.

We began working with Coinbase's team closely several years ago to ensure best-in-class integration and provide a simple, familiar way for our users to fund crypto purchases on Coinbase's platform and ultimately expand the utility of crypto for our mutual customers. As we deployed PYUSD earlier this year in combination with our payments expertise enabling greater commerce applications, our objectives aligned even further.

We are excited to continue innovating and driving new, exciting use cases together with Coinbase and the entire cryptocurrency community, putting PYUSD at the center and driving further utility and adoption for digital currencies among developers, customers, and other users.

This partnership will give Coinbase's millions of customers direct access to PYUSD while also enabling the thousands of institutions already using crypto increased utility with PYUSD. Additional details include:

* Coinbase platforms will provide fee-free purchases and easy 1:1 redemption of PayPal USD.

* The companies will jointly explore new payment use cases.

"We're excited to be partnering with Coinbase. Their more than 100 million verified users and growing user base offer an unprecedented opportunity to increase stablecoin adoption globally," said Alex Chriss, President and CEO, PayPal.

"We're excited to be partnering with PayPal. Their more than 430 million consumer and merchant accounts offer an unprecedented opportunity to increase stablecoin adoption globally," said Brian Armstrong, CEO, Coinbase.

This agreement expands on the previous work between the two companies announced in 2021, enabling Coinbase users to use their PayPal accounts for immediate and direct funding of purchases on Coinbase and making withdrawals of fiat currency from Coinbase.

For more information about PYUSD, visit www.paypal.com/pyusd.

About PayPal USD (PYUSD)

PayPal USD is issued by Paxos Trust Company, a fully chartered limited purpose trust company. Paxos is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. Reserves for PayPal USD are fully backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents, and PayPal USD can be bought or sold through PayPal and Venmo at a rate of $1.00 per PayPal USD.

About PayPal:

PayPal has been revolutionizing commerce globally for more than 25 years. Creating innovative experiences that make moving money, selling, and shopping simple, personalized, and secure, PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com, https://about.pypl.com/ and https://investor.pypl.com/.

PayPal, Inc. (NMLS ID #: 910457) is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services.

About Coinbase

Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ:COIN) is on a mission to increase economic freedom for more than 1 billion people. We're updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.