Spend.com, a crypto payment ecosystem, today announced a partnership with Paxos, a regulated Trust company, which operates itBit, a bitcoin exchange with oversight from the New York Department of Financial Services (DFS).
The integration allows users to easily spend their bitcoin, Paxos Standard (PAX) stablecoin, and supported cryptocurrency without having to move their cryptocurrency off the exchange platform.
Currently, the Spend app supports 16+ cryptocurrencies and 27 fiat currencies. Spend app users have the ability to tie their digital wallet to the Spend Visa Card. Once verified on the app, users get issued a physical and/or virtual card that is able to be used with online merchants instantly.
In 2015, the DFS granted Paxos a Trust charter, establishing it as the first company approved and regulated to offer crypto products and services. Paxos operates within established regulatory frameworks with offices in New York, London, and Singapore.