MoonPay partnered with financial technology giant PayPal on May 2 to expand its crypto trading services within the United States. This collaboration allows MoonPay users to purchase and sell over 100 cryptocurrencies, including Bitcoin and Ethereum, using various payment methods linked to their PayPal accounts.
The company announced that MoonPay users in the U.S. can now complete fiat-to-crypto transactions through wallets, bank transfers, or debit cards using a PayPal account.
Crypto Now Available To Moonpay US Users
🌙 Exciting news from MoonPay! 💳
Today, we’re thrilled to announce a game-changing integration: MoonPay has partnered with @PayPal to offer seamless fiat-to-crypto transactions for users in the U.S.!
🧵👇 pic.twitter.com/N3kobMR2ru
— MoonPay 🟣 (@moonpay) May 2, 2024
The integration signifies a notable development for MoonPay, as it became the first platform of its kind to incorporate PayPal. This provides a wider selection of cryptocurrencies compared to platforms that only offer Ether or the PayPal USD stablecoin.
MoonPay CEO Ivan Soto-Wright highlighted the positive impact of the Moonpay Paypal integration on conversion rates.
“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,” said Soto-Wright.
With over 20 million verified users as of May 2024, he emphasized that the PayPal integration will initially be available through MoonPay’s direct-to-consumer products, including the MoonPay App and desktop.
The integration is expected to commence 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 broader range of options, including popular tokens like Solana (SOL), Tether (USDT), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC).
Additionally, MoonPay’s expansion aligns with its commitment to 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 company seeks to expand this access to other regions, such as the United Kingdom and the European Union.
Moonpay’s Strategic Partnerships Penetrating The Mainstream Market
MoonPay and Mastercard have also recently partnered to advance Web3 integrations, enhance marketing tools, and foster customer engagement.
The collaboration sees Mastercard leveraging MoonPay’s web3 creative services — through Nightshift ( Now Otherlife), acquired last October—to modernize its marketing strategies and boost customer loyalty.
MoonPay is integrating Mastercard’s solutions, such as Send, Crypto Credentials, and Click-to-Pay, into its services to ensure regulatory compliance and trustworthiness amid increasing regulatory scrutiny in the crypto market.
Because of these regulatory troubles, MoonPay appointed Mike Lempres, a former executive from Coinbase and Andreessen Horowitz (a16z), to its board of directors 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 a major role in the exchange’s IPO and growth, highlight his understanding of compliance and risk management in the crypto industry.
