MoonPay and PayPal Partner to Expand Crypto Accessibility in the US
MoonPay has collaborated with PayPal to introduce a crypto purchasing option for cryptocurrency app users in the United States. This service allows users to utilize PayPal for transactions via wallet transfers, bank transfers, and debit cards. The integration aims to enhance the accessibility and convenience of buying and trading cryptocurrencies by bridging the gap between traditional financial services and the crypto market.
The partnership between MoonPay and PayPal signifies a significant milestone in the journey towards mainstream adoption of cryptocurrencies, according to the announcement on X. Users now have access to a wider range of digital assets as PayPal extends its offering of crypto tokens through MoonPay.
Moreover, PayPal’s integration into MoonPay’s ecosystem represents a significant achievement in overcoming barriers to cryptocurrency adoption. Traditional banks have often imposed restrictions on transactions related to cryptocurrencies, leading to frustrations among users. This collaboration opens up new avenues for individuals seeking to invest in cryptocurrencies.
“MoonPay allows PayPal users to buy and sell 110+ cryptocurrencies, not just limited options like PYUSD or ETH. For existing PayPal users, the integration streamlines transactions, eliminating the need to manually input card information. Buying crypto on MoonPay becomes as easy as a few clicks,” MoonPay said.
Last year, PayPal made its foray into the cryptocurrency realm by launching PYUSD, a stablecoin fully backed by the US dollar. This move represented a significant stride in narrowing the divide between traditional fiat currency and the rapidly advancing digital asset domain.
Developed through collaboration with Paxos Trust Company, PYUSD stands as a digital asset supported by US dollar deposits, short-term US Treasuries, and akin cash equivalents. This robust backing guarantees that each unit of PYUSD can be redeemed at a 1:1 ratio for US dollars.
Enabled by PYUSD, PayPal users have the capability to seamlessly transfer the stablecoin between their PayPal accounts and compatible digital wallets. Upholding transparency, Paxos commits to regularly issuing reports delineating the financial instruments underpinning PYUSD.
