MoonPay broadens crypto choices through PayPal integration
Mitchell Nixon
MoonPay Integrates PayPal to Enhance Crypto Transactions in the U.S.
MoonPay, a cryptocurrency infrastructure company, is further expanding its array of options for purchasing or selling crypto by integrating PayPal transactions.
MoonPay, a cryptocurrency infrastructure company, is further expanding its array of options for purchasing or selling crypto by integrating PayPal transactions.
As of May 2, MoonPay users in the United States now have the capability to buy and sell cryptocurrencies such as Bitcoin via PayPal, as announced by the company.
This integration empowers MoonPay users to conduct fiat-to-crypto transactions through various channels including wallets, bank transfers, or debit cards, leveraging their PayPal accounts.
MoonPay’s co-founder and CEO, Ivan Soto-Wright, highlighted the significance of this partnership, stating that users can now access over 110 different cryptocurrencies through MoonPay using PayPal. He emphasised that this integration offers a superior experience compared to platforms that confine users to purchasing only Ether or the PayPal USD stablecoin. Soto-Wright further asserted that MoonPay is the pioneering provider to integrate PayPal as both an on-ramp and off-ramp for cryptocurrency transactions.
Soto-Wright highlighted that incorporations such as PayPal will greatly affect conversion rates, stating:
“Many traditional banks do not allow users to purchase crypto on debit/credit cards, but when users pay with PayPal, using that same card, we have already seen a dramatic increase in the success rate of transactions.”
MoonPay Expands Payment Options with PayPal Integration
Established in 2019, MoonPay concentrates on facilitating fiat-to-crypto transactions through debit and credit cards, mobile payment avenues such as Apple and Google Pay, bank transfers, and local payment modes based on jurisdiction.
The platform, supported by Tiger Global, is renowned for its partnerships with international payment titans like Mastercard and cryptocurrency exchanges like Binance.US.
Soto-Wright stated that the integration with PayPal will commence with MoonPay’s direct-to-consumer offerings—the MoonPay App and desktop—but will subsequently extend to numerous of MoonPay’s collaborators.
Initially, the integration will be accessible to 50% of MoonPay’s clientele, with intentions to broaden its reach to additional regions within the United Kingdom and the European Union in due course.
Conclusion:
MoonPay’s integration with PayPal marks a significant advancement in the ease and accessibility of cryptocurrency transactions. With the ability to buy and sell over 110 different cryptocurrencies through PayPal, MoonPay users now have unparalleled flexibility and convenience. This move not only simplifies the transaction process but also enhances conversion rates, making it easier for users to enter and navigate the crypto market.
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