MoonPay Broadens Crypto Trade Options with PayPal Integration for US Users
Summary:
MoonPay, a firm specializing in cryptocurrency infrastructure, has integrated PayPal into its transaction processes. This move allows US-based users to buy or sell cryptocurrencies, including Bitcoin, using PayPal. MoonPay's co-founder and CEO, Ivan Soto-Wright, claims this offers a superior experience since users can now trade over 110 different digital assets. The company plans on extending the PayPal integration to its partners and customers in the United Kingdom and the European Union in the future.
MoonPay, a company specializing in cryptocurrency infrastructure, has widened its capability to purchase or trade digital assets by incorporating PayPal into its transaction processes. As of May 2, MoonPay's American client base can now engage in transactions involving Bitcoin (BTC), and other cryptocurrencies, by channeling through PayPal, the company declared. The collaboration between the companies facilitates the transformation from cash to cryptocurrency, through wallets, bank payments, or debit cards, by utilizing a PayPal account. Ivan Soto-Wright, co-founder and leading executive of MoonPay, stated that customers are now capable of trading over 110 diverse digital assets using MoonPay via PayPal – an experience he labelled as superior compared to other similar services, most of which only permit transactions involving Ether (ETH) or PayPal's native USD (PYUSD) stablecoin. Soto-Wright further stated that MoonPay is the pioneering company to incorporate PayPal for direct onboarding and off-boarding of digital assets.
Soto-Wright opines that such incorporations like PayPal will significantly influence conversion rates. He also pointed out that while many conventional banks do not endorse the purchase of cryptocurrencies using debit or credit cards, the blending of PayPal with the same card has led to an increase in successful transactions. MoonPay, which started operations in 2019, emphasizes on providing transformable transactions from fiat to cryptocurrency, using credit or debit cards, mobile payment systems including Apple and Google Pay, bank payments, and region-specific payment methods. The globally-respected platform, backed by Tiger Global, is celebrated for partnering with international payment powerhouses such as Mastercard and cryptocurrency exchanges like Binance.US.
According to the leading executive, MoonPay presently boasts over 20 million authenticated users, and the implementation of PayPal will commence with its consumer-friendly products—namely, the MoonPay App and desktop versions. However, the feature will soon be introduced to many of MoonPay's associates. The initial stage will incorporate 50% of MoonPay's clientele, with future plans to extend this service to several areas within the United Kingdom and the European Union.
Published At
5/2/2024 4:00:00 PM
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