In a significant development, MoonPay, a crypto payment platform, has announced that users in the United States can now easily buy and sell over 110 cryptocurrencies using PayPal.
The integration, unveiled Thursday, simplifies transactions for new MoonPay users who already have a PayPal account and regularly use it for online transactions. Users can fund their cryptocurrency purchases via their PayPal balance, direct bank withdrawal, or debit card without manually entering payment information.
MoonPay And PayPal Join Forces
Per the announcement, one of the key advantages of this collaboration is the added layer of security provided by PayPal, which does not disclose full financial details during transactions. MoonPay co-founder and CEO, Ivan Soto-Wright, emphasized the significance of the partnership, stating:
PayPal has always been at the forefront of revolutionizing commerce globally. By integrating PayPal, we are enabling consumers to transact with crypto in an already familiar environment and significantly lowering the barrier to entry for new users.
The partnership is said to offer several benefits to MoonPay users. Flexibility and choice will be increased as MoonPay offers an extensive selection of payment methods, including PayPal.
The platform supports over 110 tokens, allowing users to fund purchases directly from their linked PayPal accounts. The company claimed that the integration provides “convenience and speed” by eliminating the need to create additional accounts or enter new payment information. The payment company further stated:
For existing PayPal users, making their first crypto purchase through MoonPay is now easier than ever.
PayPal is currently available to MoonPay consumers in the United States, and the integration will be extended to MoonPay’s partner networks by mid-2024.
Binance.US Integration And Stablecoin Listing
In 2023, Binance.US partnered with MoonPay to address regulatory challenges faced by the exchange, particularly following increased scrutiny from the US Securities and Exchange Commission (SEC). This partnership reportedly injected “renewed energy” into Binance.US’s operations.
In the same year, Coinbase announced its intention to list PayPal’s stablecoin, PYUSD. At the same time, Kraken added PYUSD trading options, marking a significant step forward in the mainstream adoption of this stablecoin.
PayPal’s Blockchain Research Group (BRG) recently proposed a solution for more sustainable Bitcoin mining. The BRG aims to incentivize environmentally responsible mining by identifying miners that use low-emission energy sources.
These miners would be rewarded with Bitcoin through a trust-independent method, utilizing a “1-of-n multisig script” and green keys associated with their public addresses.
As of this writing, Bitcoin has rebounded to the $59,000 level following a significant decline to $56,000 on Wednesday. Over the past 24 hours, the leading cryptocurrency has seen a price increase of 3.4%, although it remains down by 7.7% over the past seven days.
Featured image from Shutterstock, chart from TradingView.com