MoonPay and PayPal have joined forces to expand their partnership in the European Union and the United Kingdom. According to a press release shared with Cryptonews, PayPal is now available to 1% of MoonPay customers in the UK and EU, with complete availability expected in the coming weeks, except for Croatia, Hungary, and Iceland.
This exciting development means that users in 24 EU member states and the UK can now purchase cryptocurrency using their PayPal accounts. The integration aims to streamline transactions for MoonPay users with existing PayPal accounts, allowing them to fund their crypto purchases with PayPal Balance, direct bank withdrawal, or debit cards without the need to manually enter details.
Ivan Soto-Wright, MoonPay’s co-founder and CEO, expressed his excitement about the success of their partnership with PayPal. He highlighted how expanding their collaboration to new markets will lower barriers to entry for new users, providing a seamless experience and building trust with their growing customer base.
Following a successful launch in the US last month, MoonPay’s partnership with PayPal has seen impressive results, including unlocking a more mature user base with an average age of 35 years old and increasing engagement and conversion rates. This move marks a significant milestone for MoonPay, making it the first platform of its kind to integrate with a payment giant like PayPal.
MoonPay has been actively forming partnerships and expanding its offerings, such as partnering with Mastercard to enhance Web3 integrations and introducing a Swaps feature for users to exchange cryptocurrencies. In addition, the company appointed Mike Lempres, a former executive from Coinbase and Andreessen Horowitz, to its board of directors and donated $1 million to the digital advocacy group Stand With Crypto ahead of the 2024 US elections.
Meanwhile, PayPal is expanding its PYUSD stablecoin to the Solana blockchain, incorporating a feature called “confidential transfers” to provide privacy for users and transparency for regulators. Both MoonPay and PayPal continue to innovate and collaborate to provide convenient and secure payment options for their users.
