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PayPal Expands Crypto Offerings through Partnership with MoonPay
PayPal, a leader in online payments, has announced a new collaboration with MoonPay, a cryptocurrency company, to provide access to over 100 digital assets to its more than 426 million customers. This partnership aims to streamline the process of purchasing cryptocurrencies and eliminate some of the common obstacles faced by users when using traditional banking methods for crypto transactions.
Improved Access to Digital Assets
MoonPay believes that this partnership with PayPal will help address the difficulties that users often encounter when trying to purchase cryptocurrencies using their debit cards directly. Oftentimes, these transactions fail due to certain bank restrictions. By teaming up with MoonPay, PayPal customers can now enjoy a smoother and more successful crypto purchasing experience, even when using their debit cards.
One key advantage of this collaboration is that PayPal customers no longer need to provide their personal or card information separately to MoonPay when buying cryptocurrencies. This streamlined process enhances security and convenience for users.
Expanded Cryptocurrency Selection
Previously, PayPal customers could only buy a limited number of cryptocurrencies, including Bitcoin, Ethereum, PayPal USD, Bitcoin Cash, and Litecoin. However, with the addition of MoonPay’s services, customers will now have access to a broader range of digital assets, such as Solana, Tether, Dogecoin, Cardano, and Polygon, among others.
The integration with MoonPay enables U.S. customers in all 50 states to purchase cryptocurrencies using their PayPal account balance, direct bank withdrawals, or debit cards, without the need for manual input of sensitive details. Currently, 50% of U.S. users have access to the PayPal-MoonPay integration.
Enhanced Flexibility and Compliance
MoonPay emphasizes that the partnership offers greater flexibility, token support, and seamless onboarding for users. Unlike other platforms that restrict PayPal purchases to a few select cryptocurrencies, MoonPay allows users to trade over 110 different digital assets through their PayPal account.
Furthermore, MoonPay is committed to upholding compliance and regulatory standards by implementing stringent controls such as IP monitoring, blockchain tracking, and a robust KYC process. By incorporating these measures, MoonPay aims to ensure a reliable and secure trading environment for its users.
PayPal’s Crypto Integration Journey
PayPal’s foray into the world of cryptocurrencies began in October 2020 when it announced plans to introduce crypto trading capabilities to its platform. Since then, PayPal has steadily expanded its crypto services, including the recent addition of cryptocurrency buying options on its Venmo platform in April 2021.
Moreover, PayPal has extended its cryptocurrency offerings to the United Kingdom, providing more users with access to digital assets. In a significant move, PayPal now allows customers to transfer their Bitcoin and Ethereum holdings to external wallets, enhancing the flexibility and control users have over their crypto assets.
This strategic partnership between PayPal and MoonPay signifies a major milestone in the mainstream adoption of cryptocurrencies. By leveraging MoonPay’s technology and expertise, PayPal aims to empower its users with broader access to digital assets and a more seamless trading experience.
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