Leading Web3 infrastructure provider MoonPay and PayPal have established a partnership that enables MoonPay’s American customers to purchase cryptocurrencies with their PayPal accounts easily. The integration simplifies the transaction process for new MoonPay users who already have a PayPal account and utilize it for online transactions. PayPal users don’t need to enter the required information manually; instead, they can use their PayPal Balance, a debit card, or a direct bank withdrawal to fund their Bitcoin purchases.
MoonPay users also profit from PayPal’s security, as the company never divulges all of the financial details related to a transaction.
🌙 Exciting news from MoonPay! 💳
— MoonPay 🟣 (@moonpay) May 2, 2024
Today, we're thrilled to announce a game-changing integration: MoonPay has partnered with @PayPal to offer seamless fiat-to-crypto transactions for users in the U.S.!
🧵👇 pic.twitter.com/N3kobMR2ru
The partnership, according to MoonPay co-founder and CEO Ivan Soto-Wright, is “symbiotic” because PayPal’s formerly restricted selection of significant cryptocurrencies is now expanded to include the entire spectrum of well-known tokens while users of his app broaden their reach and have a new, flexible payment option.
Soto-Wright emphasized that PayPal is being integrated into MoonPay’s infrastructure rather than a standalone integration, as the finance behemoth has been experimenting with Web3 wallets like MetaMask.
Principal Advantages:
- Flexibility and options: MoonPay provides its consumers with various payment options, including PayPal.
- Variety in token support: With more than 110 tokens, MoonPay will likely have the particular coin you want.
- Smooth onboarding: If you already use PayPal, it’s easier than ever to make your first purchase with MoonPay.
- Speed and easy access: PayPal customers can be funded by MoonPay purchases without being required to create new accounts or enter payment information.
Connecting the Fiat and Crypto Worlds
After introducing a stablecoin entirely backed by the US dollar last year, PayPal made its foray into the cryptocurrency market. The establishment of the digital asset PYUSD was a major step toward bridging the gap between traditional fiat currency and the quickly developing digital asset area.
US dollar deposits, short-term US Treasury bonds, and comparable cash equivalents are the foundation for PYUSD, a digital asset created in partnership with Paxos Trust Company. This backing guarantees a 1:1 conversion rate between PYUSD units and US dollars.
PayPal users can move stablecoin between their accounts and compatible digital wallets using PYUSD. To maintain transparency, Paxos will routinely provide a report detailing the financial instruments that support PYUSD.
Also read: Whales Holding XRP Amass Significant Holdings While The Price Drops 14% in Only One Week
