In a recent development, MoonPay, a leading crypto payment processor, has joined forces with PayPal.
This collaboration opens up new avenues for MoonPay users in the U.S., allowing them to purchase and sell different assets seamlessly through PayPal.
With this integration, users can leverage their wallets, bank transfers, or even debit cards to engage in cryptocurrency transactions.
MoonPay Integrates PayPal Transactions to Expand Crypto Options
MoonPay has taken a significant step forward in expanding the options for buying and selling crypto by integrating PayPal transactions.
According to a report, MoonPay users in the U.S. can now seamlessly buy and sell cryptocurrencies like Bitcoin using PayPal.
MoonPay co-founder and CEO Ivan Soto-Wright said in a recent discussion that this partnership with PayPal opens up access to over 110 different cryptocurrencies.
Soto-Wright emphasized that integrations like PayPal will change how many people buy crypto.
Soto-Wright also claimed that MoonPay is the first place where you can use PayPal to get into and out of crypto.
“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,” he added.
However, with PayPal, users can use the same cards for transactions, resulting in a higher success rate.
The CEO revealed that MoonPay has over 20 million verified users as of May 2024. He added that the PayPal integration will initially be available to 50% of MoonPay’s customers.
In the discussion, Soto-Wright said that PayPal will work with MoonPay’s app, like the MoonPay App and desktop version. Interestingly, Soto-Wright added that the app will be available to other MoonPay partners later on.
Moreover, the firm is expected to expand to other jurisdictions in the United Kingdom and the European Union in the future.
Enhancing User Experience and Accessibility
MoonPay, launched in 2019, is focused on providing fiat-to-crypto transactions through various payment methods.
These methods include debit and credit cards, mobile payment options like Apple and Google Pay, and bank transfers.
A few years after its launch, the company also collaborated with big firms like Mastercard.
According to the CEO, “Joining forces will create new opportunities to showcase blockchain’s potential in establishing unique connections and meaningful moments while broadening our industry’s overall reach.”
In addition, MoonPay joined forces with Binance last year to allow users to exchange USDT.
