MoonPay, a leading crypto trading platform, has partnered with PayPal to expand its services in the United States. This collaboration allows MoonPay users to buy and sell over 100 cryptocurrencies, including Bitcoin and Ethereum, using their PayPal accounts. This integration is a significant milestone for MoonPay, as it is the first platform of its kind to incorporate PayPal. It offers a wider range of cryptocurrencies compared to other platforms that only support Ether or the PayPal USD stablecoin.
MoonPay CEO Ivan Soto-Wright highlighted the positive impact of the integration on conversion rates. He stated that many traditional banks do not allow users to purchase crypto on debit or credit cards. However, when users pay with PayPal using the same card, there has been a significant increase in the success rate of transactions. With over 20 million verified users, the PayPal integration will initially be available through MoonPay’s direct-to-consumer products, including the MoonPay App and desktop. It is expected to roll out to 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 partnership, users now have a broader range of options, including popular tokens like Solana, Tether, Dogecoin, Cardano, and Polygon. MoonPay’s expansion aligns with its commitment to providing fiat-to-crypto transactions with various payment methods, such as debit and credit cards, mobile payment options, bank transfers, and local payment methods based on jurisdiction. The company aims to extend this access to other regions in the future.
In addition to the partnership with PayPal, MoonPay has also recently partnered with Mastercard to advance Web3 integrations and enhance marketing tools. 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 into its services to ensure regulatory compliance and trustworthiness in the crypto market.
To navigate regulatory challenges, MoonPay appointed Mike Lempres, a former executive from Coinbase and Andreessen Horowitz, to its board of directors. Lempres brings valuable expertise in corporate governance and regulatory affairs, which will help MoonPay as it explores new product offerings and regulatory compliance. His experience at Coinbase highlights his understanding of compliance and risk management in the crypto industry.
MoonPay’s strategic partnerships with PayPal and Mastercard demonstrate its commitment to penetrating the mainstream market and providing users with a seamless and secure crypto trading experience.
