MoonPay Integrates PayPal to offer US users Seamless Fiat to Crypto Transactions
MoonPay announced today that it has partnered with Paypal to offer seamless fiat-to-crypto transactions for users in the United States.
🌙 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">
According to a press release on Thursday, May 2, the company announced that this integration allows U.S. customers in all 50 states can now buy and sell more than 110 cryptocurrencies using PayPal transfers via wallet, debit card, or bank transfers. This means customers will not be limited to PayPal purchases with the PYUSD stablecoin or ether.
For new MoonPay users who already have a PayPal account and use it for online transactions, the integration offers seamless transactions.
Furthermore, users do not need to manually enter the required information when using PayPal to fund their cryptocurrency purchases. They can use their PayPal balance, a debit card, or a direct bank withdrawal.
MoonPay co-founder and CEO, Ivan Soto-Wright, added that PayPal has always been at the forefront of revolutionizing commerce globally.
With more than 426 million active accounts globally, PayPal offers a trusted online payment platform. Users' experience with MoonPay is improved by this integration, which offers familiarity and convenience.
Explaining other benefits of this integration, Soto-Wright stated that “The success rate of transactions has already dramatically increased when users pay with PayPal using the same card, even though many traditional banks do not permit users to purchase cryptocurrency with debit or credit cards.”
This partnership highlights our company's strong commitment to working with trusted partners in the ecosystem to expand consumer access to financial systems, as more and more consumers are exploring different avenues such as cryptocurrency, retail investing, and digital banking.
MoonPay, with over 15 million users, aims to significantly lower the barrier to entry for new users by integrating PayPal, allowing customers to transact with cryptocurrency in an already familiar environment.
Customers of MoonPay in the US can now access PayPal, and by mid-2024, it will be accessible through MoonPay's partner networks. US users will also be able to sell crypto using PayPal in the near future, as the company also plans to expand the offering into the EU and the UK in the near future.
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