MoonPay and PayPal team up on crypto purchases
Crypto infrastructure provider MoonPay announced today that its users in the United States can now engage in buying and selling more than 110 cryptocurrencies with PayPal.
The integration is said to address issues related to declined crypto purchases via debit card, with MoonPay asserting that it will improve the success rate of crypto transactions, even when using the same debit card. Furthermore, existing PayPal users will no longer need to manually input their card information when buying cryptocurrencies on MoonPay.
According to the press release, MoonPay users will not be limited to PayPal purchases solely with the PYUSD stablecoin or ether. Instead, they will have the flexibility to buy and sell more than 110 coins and tokens.
Roughly half of MoonPay’s customers in the U.S. are expected to benefit from this integration. Moreover, the company plans to extend its PayPal integration to users in the United Kingdom and the European Union in the near future.
MoonPay claims to be the first provider to integrate with PayPal for both on and off-ramp services, highlighting the integration’s availability to users on all of MoonPay’s partner platforms. This sets MoonPay apart from a crypto exchange with PayPal integration, like Coinbase.
MoonPay is a Miami-based crypto payments company that values itself at $3.4 billion. The firm is backed by investments from NBA star Paul George, former tennis star Maria Sharapova, and musicians Drake and Justin Bieber. The firm enforces basic know-your-customer (KYC) checks, such as providing personal information for verification.
MoonPay’s payments infrastructure provides a straightforward experience for investors to convert between fiat, cryptocurrency and non-fungible tokens (NFTs), further lowering the barrier to entry into the world of web3 early investing.
Earlier this month, MoonPay partnered with crypto hardware wallets provider Ledger to introduce new features and products to sweeten their service offerings.
The new features include the integration of MoonPay’s instant crypto purchasing and token swap capabilities into Ledger’s platform, Ledger Live.
Additionally, Ledger Academy will expand its educational offerings with new self-paced crypto trading tutorials that will also cover MoonPay’s services, the companies said.
