May 7, 2024
Latest Cryptocurrency News

MoonPay Integrates PayPal: Expanding Crypto Options

Cryptocurrency infrastructure firm MoonPay has expanded its range of services by integrating PayPal transactions. This enables users in the United States to buy and sell cryptocurrencies like Bitcoin directly through their PayPal accounts.

The integration, announced on May 2, broadens MoonPay’s offerings, allowing users to complete fiat-to-crypto transactions conveniently.

Enhanced User Experience and Increased Conversion Rates

MoonPay co-founder and CEO Ivan Soto-Wright highlighted the significance of the partnership, emphasizing that users can now access over 110 different cryptocurrencies via MoonPay using PayPal.

Soto-Wright described the integration as offering a “superior experience” compared to platforms limiting users to specific cryptocurrencies. He noted that MoonPay is the first on-ramp and off-ramp provider to integrate PayPal, predicting a positive impact on conversion rates.

Furthermore, he also explained that traditional banks often restrict crypto purchases on debit/credit cards, but using PayPal has already shown a notable increase in transaction success rates.

Expansion Plans and Market Impact

Launched in 2019, MoonPay has rapidly gained traction in the cryptocurrency space. The company is focussing on facilitating fiat-to-crypto transactions through various payment methods.

Backed by Tiger Global, the platform has established partnerships with industry giants like Mastercard and Binance.US.

With over 20 million verified users as of May 2024, MoonPay aims to extend the PayPal integration. This expansion will go beyond its direct-to-consumer products, encompassing its partners as well.

Initially available to 50% of MoonPay’s customers, the integration is set to expand to other jurisdictions, including the United Kingdom and the European Union, in the future.

In conclusion, this collaboration between MoonPay and PayPal marks a significant development in the cryptocurrency ecosystem, providing users with more accessible and diverse options for buying and selling digital assets.

Image by freepik

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