- On May 2, MoonPay teamed up with financial technology behemoth PayPal to extend its cryptocurrency trading services throughout the US. Thanks to this partnership, customers of MoonPay may buy and sell more than 100 cryptocurrencies, such as Bitcoin and Ethereum, using a variety of payment options connected to their PayPal accounts.
- The company declared that fiat-to-crypto transactions can now be carried out by MoonPay users in the United States via wallets, bank transfers, or debit cards with a PayPal account.
Crypto Is Now Available To US Users Of Moonpay
With the integration, MoonPay became the first platform of its sort to integrate PayPal, which is a significant step. When opposed to platforms that solely offer Ether or the PayPal USD stablecoin, this offers a greater variety of coins.
Ivan Soto-Wright, CEO of MoonPay, emphasized the increase in conversion rates brought about by the integration of MoonPay with Paypal.
The success rate of transactions has already dramatically increased when consumers pay with PayPal using the same card, according to Soto-Wright. This is in contrast to many traditional banks that prohibit users from purchasing cryptocurrency with debit or credit cards.
He stressed that the PayPal connection will first be accessible through MoonPay’s direct-to-consumer products, such as the MoonPay App and desktop, with over 20 million verified customers by May 2024.
It is anticipated that the integration will start with half of MoonPay’s users and spread to other countries, such as the UK and the EU.
A restricted range of digital assets, such as Bitcoin, Ethereum, Litecoin, PayPal USD, and Bitcoin Cash, were previously available to PayPal users. However, customers now have more alternatives because to the Moonpay PayPal connection, including well-known tokens like Tether (USDT), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), and Polygon (MATIC).
Furthermore, MoonPay’s growth is consistent with its objective to offer fiat-to-crypto transactions via bank transfers, local payment methods dependent on jurisdiction, debit and credit cards, and mobile payment options like Apple Pay and Google Pay.
The business wants to increase this access to further areas, such the EU and the United Kingdom.
Moonpay’s Infiltration of the Mainstream Market Through Strategic Alliances
Recently, MoonPay and Mastercard teamed to promote customer engagement, improve marketing capabilities, and develop Web3 integrations.
Through the acquisition of Nightshift (now Otherlife) in October of last year, Mastercard will be able to take advantage of MoonPay’s web3 creative services in order to update its marketing tactics and increase consumer loyalty.
In light of the growing regulatory scrutiny surrounding the cryptocurrency sector, MoonPay is incorporating Mastercard’s technologies, including Click-to-Pay, Crypto Credentials, and Send, into its services to guarantee regulatory compliance and reliability.
Due to these regulatory issues, MoonPay raised regulatory attention last year when it appointed Mike Lempres, a former executive from Coinbase and Andreessen Horowitz (a16z), to its board of directors.
Lempres provides MoonPay with invaluable experience as it investigates product offers and regulatory difficulties. He is well-known for his vast experience in corporate governance and regulatory matters.
His prior positions at Coinbase, where he was instrumental in the exchange’s growth and initial public offering (IPO), demonstrate his familiarity with compliance and risk management in the cryptocurrency space.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
