MoonPay is a company that helps people buy cryptocurrencies like Bitcoin or Ethereum. They have collaborated with PayPal, which is a popular online payment source. This partnership lets people in the U.S. easily buy crypto using Paypal and sell crypto using Paypal.
Users can use PayPal wallet, bank account, or debit card to make these transactions. This is a big deal because it makes it simpler for people to get into cryptocurrencies. PayPal is a huge platform with millions of users, and now they can easily buy cryptocurrencies.
The CEO of MoonPay says this partnership is like a win-win situation. MoonPay tends to reach more customers, and PayPal expands the types of crypto it offers. It means people have more options when buying and selling cryptocurrencies.
"We are the first company to do this with PayPal, and it was a long process to get them comfortable," Soto-Wright said in an interview. "We process billions of dollars on debit and credit cards in terms of cryptocurrency, and we think this is going to be a big step up for us in terms of helping us reach more customers, people that may have had their card declined from one of their banks. Nobody's fault; it's just the banks; banks sometimes reject crypto companies."
Cryptocurrency buying app MoonPay has partnered with fintech giant PayPal (PYPL), the decision was held on 02 May 2024.
It was observed PayPal has over 426 million active accounts across the world. This access includes not only popular options like ether but also the stablecoin like PYUSD. The expansion offers users with a wide range of choices for their investment profiles.
The integration between MoonPay and PayPal aims to smoothen the process of buying cryptocurrencies. For existing PayPal users, linking their accounts to MoonPay is an easy way to go, and requires no manual adding of card information. This simplification minimizes the hurdle points and makes it easier for users to get started with buying cryptocurrencies.
By eliminating the need for manual adding and providing a seamless onboarding process, the partnership improves user convenience. Also, while having 50% of MoonPay's U.S. customers, the PayPal integration is expected to expand further.
MoonPay spotlights creating a user-friendly platform for accessing cryptocurrencies, and this unification aligns with that commitment. Overall, it's a way to make buying cryptocurrencies easier and more accessible to a lot of people.
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