MoonPay Expands Cryptocurrency Trading Options with PayPal Transaction Integration

Last updated: May 2, 2024 5:43 pm EDT | 2 minute read

MoonPay partnered on May 2 with financial technology giant PayPal to expand its cryptocurrency trading services in the United States. This collaboration allows MoonPay users to buy and sell over 100 cryptocurrencies, including Bitcoin and Ethereum, using various payment methods linked to their PayPal accounts.

The company announced it MoonPay users in the United States can now complete fiat-to-crypto transactions via wallets, bank transfers, or debit cards using a PayPal account.

Cryptocurrencies now available for US Moonpay users

The integration represents a notable development for MoonPay, as it has become the first platform of its kind to incorporate PayPal. This provides a wider selection of cryptocurrencies than platforms that only offer Ether or the PayPal USD stablecoin.

MoonPay CEO Ivan Soto-Wright highlighted the positive impact of Moonpay Paypal integration on conversion rates.

“Many traditional banks do not allow users to purchase cryptocurrencies with debit/credit cards, but when users pay with PayPal, using the same card, we have already seen a dramatic increase in the transaction success rate,” said Soto- Wright.

With over 20 million verified users as of May 2024, it highlighted that PayPal integration will initially be available across MoonPay’s direct-to-consumer products, including the MoonPay app and desktop.

The integration is expected to begin with 50% of MoonPay’s customers and expand to other regions, including the United Kingdom and the European Union.

Previously, PayPal users had access to a limited selection of digital assets, including Bitcoin, Ethereum, Litecoin, PayPal USD, and Bitcoin Cash. With the Moonpay PayPal partnership, however, users now have a wider range of options, including popular tokens like Solana (SOL), Tether (USDT), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC).

Additionally, MoonPay’s expansion is in line with its commitment to providing fiat-to-crypto transactions with debit and credit cards, mobile payment options such as Apple and Google Pay, bank transfers, and local jurisdiction-based payment methods.

The company seeks to expand this access to other regions, such as the United Kingdom and the European Union.

Moonpay’s strategic partnerships penetrate the mainstream market

MoonPay and Mastercard they also recently collaborated to promote Web3 integrations, improve marketing tools and drive customer engagement.

The collaboration sees the exploitation of Mastercard MoonPay’s web3 creative services – through Nightshift (Now Otherlife), acquired last October, to modernize its marketing strategies and increase customer loyalty.

MoonPay is integrating Mastercard solutions, such as Send, Crypto Credentials and Click-to-Pay, into its services to ensure regulatory compliance and reliability amid increasing regulatory scrutiny in the cryptocurrency market.

Due to these regulatory issues, MoonPay has appointed Mike Lempresformer Coinbase and Andreessen Horowitz (a16z) executive, joined the board last year amid increased regulatory scrutiny.

Lempres, known for his extensive experience in corporate governance and regulatory affairs, brings valuable expertise to MoonPay as it explores product offerings and regulatory challenges.

His previous roles at Coinbase, where he played an important role in the exchange’s IPO and growth, highlight his understanding of compliance and risk management in the cryptocurrency industry.

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