PayPal integration amplifies MoonPay’s range of cryptocurrency choices

MoonPay, a cryptocurrency infrastructure firm, is broadening its options for buying and selling crypto by incorporating PayPal transactions. Users in the United States can now use PayPal to purchase and sell cryptocurrencies like Bitcoin (BTC) through MoonPay. This integration enables MoonPay users to complete fiat-to-crypto transactions using PayPal accounts, including wallets, bank transfers, and debit cards. MoonPay co-founder and CEO Ivan Soto-Wright described the partnership as a “superior experience” compared to other platforms that only allow users to buy Ether (ETH) or the PayPal USD (PYUSD) stablecoin. MoonPay is the first provider to integrate PayPal as an on-ramp and off-ramp for cryptocurrencies.
Soto-Wright emphasized that integrations like PayPal will have a significant impact on conversion rates. MoonPay, established in 2019, focuses on facilitating fiat-to-crypto transactions through various payment methods, including debit and credit cards, mobile payments like Apple and Google Pay, bank transfers, and local payment methods based on jurisdiction. The platform is backed by Tiger Global and has collaborated with payment giants like Mastercard and crypto exchanges such as Binance.US. Soto-Wright stated that MoonPay currently has over 20 million verified users and that the PayPal integration will initially be available to 50% of its customers. The company plans to expand the integration to other jurisdictions in the UK and the European Union in the future.