PayPal integration enhances MoonPay’s range of cryptocurrency options

Cryptocurrency infrastructure firm MoonPay is further expanding its options for buying and selling crypto by integrating PayPal transactions. MoonPay users in the United States can now use PayPal to buy and sell cryptocurrencies like Bitcoin (BTC), according to an announcement made by the company on May 2. This integration allows MoonPay users to complete fiat-to-crypto transactions through wallets, bank transfers, or debit cards using their PayPal accounts. MoonPay co-founder and CEO Ivan Soto-Wright stated that through this partnership, users can buy and sell over 110 different cryptocurrencies via MoonPay using PayPal. Soto-Wright also mentioned that this is a superior experience compared to other platforms that only allow users to buy Ether (ETH) or the PayPal USD (PYUSD) stablecoin. He further claimed that MoonPay is the first on-ramp and off-ramp provider to integrate PayPal. Soto-Wright emphasized that integrations like PayPal will have a significant impact on conversion rates. MoonPay, launched in 2019, focuses on providing fiat-to-crypto transactions through various payment options such as debit and credit cards, mobile payments like Apple and Google Pay, bank transfers, and local payment methods based on jurisdiction. The platform, backed by Tiger Global, has collaborated with major payment providers like Mastercard and crypto exchanges such as Binance.US. Soto-Wright revealed that as of May 2024, MoonPay has over 20 million verified users. The PayPal integration will initially be available to 50% of MoonPay’s customers and will be expanded to other jurisdictions, including the United Kingdom and the European Union, in the future.