Benzinga - Popular cryptocurrency buying app MoonPay has joined forces with financial services giant PayPal (NASDAQ:PYPL) to provide U.S. users with a seamless way to buy cryptocurrencies using their PayPal accounts.
What Happened: This partnership streamlines the crypto buying process for millions of Americans, offering them the flexibility to utilize wallet transfers, bank transfers and debit card transactions directly within the MoonPay app, according to Coindesk.
The integration marks a strategic expansion for PayPal as well, which currently offers a limited selection of major cryptocurrencies.
With MoonPay’s infrastructure, PayPal users will now have access to a broader spectrum of popular tokens.
Ivan Soto-Wright, co-founder and CEO of MoonPay, described the partnership as “symbiotic,” noting that it enhances the flexibility for users of his platform and extends PayPal's cryptocurrency offerings.
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“This is not just another integration; it is about embedding PayPal within MoonPay’s framework,” Soto-Wright explained.
He emphasized the uniqueness of this collaboration, highlighting the extensive process to align with PayPal's operational standards.
“We are the first company to do this with PayPal, and it was a long process to get them comfortable," he added.
MoonPay, which processes billions of dollars in cryptocurrency transactions on debit and credit cards, views this partnership as a crucial step forward in reaching a wider customer base, especially those who might have faced banking restrictions or card declines when attempting to purchase cryptocurrencies.
As digital assets continue to gain traction, such collaborations are pivotal.
They not only enhance the user experience by providing more flexible payment options but also signify the growing acceptance of cryptocurrencies in mainstream financial services.
What’s Next: This trend towards broader adoption and integration of digital assets will be one of the topics explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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