MoonPay Launches New Payment Option with PayPal

Crypto News Business

Written by Aaron S.,

Editor-In-Chief

Last Updated: May 03, 2024

Key Takeaways

MoonPay introduces PayPal as a new payment option for its US customers;
Ivan Soto-Wright, CEO of MoonPay, highlights the benefit of using PayPal over traditional banks, noting a higher success rate for transactions made with the same cards;
MoonPay plans to expand the PayPal integration to include markets in the UK and EU.

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MoonPay Launches New Payment Option with PayPal

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MoonPay, a crypto payment platform, has enhanced its service offering by integrating PayPal as a payment option.

Launched on May 2, this new feature allows US customers to use their PayPal accounts to buy and sell more than 110 different cryptocurrencies, including Bitcoin.

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Established in 2019 and backed by Tiger Global, MoonPay is known for its ease in converting fiat to crypto, supporting a variety of payment methods like debit and credit cards, mobile payments through Apple and Google Pay, and local payment options depending on the user's location.

Ivan Soto-Wright, co-founder and CEO of MoonPay, emphasized the major improvement this brings to the user experience. He noted that traditional banks often block crypto purchases on cards, yet transactions made through PayPal using the same cards show a markedly higher success rate.

This feature is currently accessible to 50% of MoonPay's customers, however, there are plans underway to expand into the UK and EU markets.

This PayPal integration aligns with MoonPay’s strategy of collaborating with major payment providers and crypto exchanges, such as Mastercard and Binance.US.

The initiative marks a step forward in providing a more inclusive and efficient platform for crypto transactions, expanding to include a wider array of partners through MoonPay’s app and desktop application.