MoonPay Expands To US In New Alliance With PayPal
Highlights
- MoonPay has expanded its crypto presence in the US
- The expansion was strengthened with new alliance with PayPal
- MoonPay now offers access to over 110 coins to US customers
With the new partnership deal between MoonPay and Paypal, United States residents can now buy and sell over 100 different cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) using Paypal transfers via wallet, bank transfers, or debit cards.
The MoonPay and PayPal Alliance
In the past, PayPal users could buy digital assets like Bitcoin, Ethereum, Litecoin, PayPal USD, and Bitcoin Cash. They now get to choose from a wider range of options which include Solana (SOL), Tether (USDT), Dogecoin (DOGE), Cardano (ADA), Polygon (MATIC), and more.
3️⃣MoonPay allows PayPal users to buy and sell 110+ cryptocurrencies, not just limited options like PYUSD or ETH!
— MoonPay 🟣 (@moonpay) May 2, 2024
This collaboration makes the cryptocurrency infrastructure firm the first on and off-ramp provider to integrate Paypal, per MoonPay’s X post. By making this move, MoonPay says it is revolutionizing the crypto experience for PayPal users by providing them with a frictionless pathway to buy and sell cryptocurrency.
With this offering, Paypal’s 436 million+ users are guaranteed to initiate fiat-to-crypto transactions through wallets, bank transfers, or debit cards using a PayPal account, according to MoonPay. Ivan Soto-Wright, MoonPay co-founder and CEO touted the new service as a superior experience to what is obtainable on other existing platforms.
He identified trading platforms that only allow their customers access to a few digital assets like one ETH or the PayPal USD stablecoin that was launched a few months ago. Overall, Soto-Wright sees the integration with PayPal as having a notable impact on conversion rate.
“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,” the MoonPay CEO highlighted.
MoonPay Pushing More Into Crypto
Notably, the Paypal-MoonPay integration takes away the banking rule barrier presented by traditional financial institutions. Furthermore, PayPal customers will not need to separately provide their personal or card information to MoonPay before they can buy cryptocurrency.
Amidst all these, MoonPay boasts of offering users a lot of convenience, laced with greater flexibility and choice, a variety of token support, and onboarding. It was only a few weeks ago that the crypto firm partnered with Ledger, a provider of crypto hardware wallets.
The collaboration aims to enhance the cryptocurrency trading experience via the addition of new features to Ledger’s platform, Ledger Live.
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