MoonPay has partnered with PayPal to expand its cryptocurrency trading services in the United States. This collaboration allows MoonPay users to buy and sell over 100 cryptocurrencies, including Bitcoin and Ethereum, using various payment methods linked to their PayPal accounts.
This integration is a significant milestone for MoonPay as it becomes the first platform of its kind to incorporate PayPal. It offers 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. He stated that many traditional banks do not allow users to purchase crypto on debit/credit cards. However, when users pay with PayPal using the same card, there has been a dramatic increase in the success rate of transactions.
With over 20 million verified users as of May 2024, Soto-Wright 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 start 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. However, with the MoonPay PayPal partnership, users now have a broader range of options, including popular tokens like Solana (SOL), Tether (USDT), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC).
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 plans to extend this access to other regions, such as the United Kingdom and the European Union.
In addition to the partnership with PayPal, MoonPay has also recently partnered with Mastercard to advance Web3 integrations, enhance marketing tools, and foster customer engagement. This collaboration allows Mastercard to leverage MoonPay’s web3 creative services 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.
To strengthen its regulatory compliance efforts, MoonPay appointed Mike Lempres, a former executive from Coinbase and Andreessen Horowitz (a16z), to its board of directors last year. Lempres brings valuable expertise in corporate governance and regulatory affairs, which is crucial as MoonPay explores product offerings and regulatory challenges.
Overall, MoonPay’s partnership with PayPal and its strategic collaborations with Mastercard demonstrate its commitment to expanding its cryptocurrency trading services and penetrating the mainstream market while ensuring regulatory compliance and customer trust.
