(San Jose, Costa Rica – November 28, 2023) – CiNKO, the global, digital payments wallet, is excited to announce that PayPal USD, the only stablecoin supported within the PayPal network, is now available to CiNKO users.
Starting today, users of CiNKO can seamlessly store, transact, and manage their PayPal USD funds directly within the CiNKO digital wallet, which will enable fast, low-cost, cross border remittances from the United States to Latin America and the Caribbean, a market estimated to be worth almost $150 billion by the World Bank in 2022.
By offering direct integration with PayPal USD, CiNKO empowers its users with even greater convenience and flexibility in their financial transactions, both within and outside the CiNKO ecosystem.
“We are thrilled to offer our users this seamless connection to PayPal USD. This integration aligns with CiNKO's commitment to providing a comprehensive financial ecosystem, empowering our users to manage their funds and execute transactions with ease,” says Richard Douglas, Co-founder and CEO of CiNKO.”
PayPal USD is designed to contribute to the opportunity stablecoins offer for payments and is redeemable 1:1 for U.S. dollars. Leveraging PayPal's decades-long experience in payments at scale, combined with the speed, cost and programmability of blockchain protocols, PayPal USD is designed to reduce friction for in-experience payments in virtual environments, facilitate fast transfers of value to support friends and family, send remittances or conduct international payments.s.
Through the integration of PayPal USD, CiNKO will reinforce trust among its users for cross-border payments and payout distributions through traditional rails and stablecoins while continuing to make digital payments more convenient and user-friendly, thereby accelerating the adoption of digital financial services in the region.
The CiNKO wallet is currently available in the Google Play store and Apple App store.
