MoonPay expands crypto options with PayPal integration
Cryptocurrency infrastructure firm MoonPay continues expanding the options to buy or sell crypto by integrating PayPal transactions.
MoonPay users in the United States can now buy and sell cryptocurrencies like Bitcoin (BTC) with PayPal, the firm announced on May 2.
The integration allows MoonPay users to complete fiat-to-crypto transactions through wallets, bank transfers or debit cards using a PayPal account.
“Through this partnership, users can buy and sell over 110 different cryptocurrencies via MoonPay using PayPal,” MoonPay co-founder and CEO Ivan Soto-Wright said.
According to the CEO, that’s a “superior experience” to many offerings available in the market, compared to platforms that limit users to buying only Ether (ETH) or the PayPal USD (PYUSD) stablecoin. Soto-Wright also claimed that MoonPay is the first on-ramp and off-ramp provider to integrate PayPal.
Soto-Wright noted that integrations like PayPal will have a significant impact on conversion rates, adding:
“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.”
Launched in 2019, MoonPay is focused on providing fiat-to-crypto transactions with debit and credit cards, mobile payment options like Apple and Google Pay, bank transfers, and local payment methods based on jurisdiction.
The Tiger Global-backed platform is known for collaborating with global payment giants such as Mastercard and crypto exchanges like Binance.US.
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The CEO told Cointelegraph that MoonPay has over 20 million verified users as of May 2024. Soto-Wright mentioned that the PayPal integration will begin with MoonPay’s direct-to-consumer products — the MoonPay App and desktop — but will roll out to many of MoonPay’s partners soon.
The integration will initially be available to 50% of MoonPay’s customers and is planned to be expanded further to other jurisdictions in the United Kingdom and the European Union in the future.
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