In a significant development, MoonPay, a crypto payments platform, announced that users in the United States can now easily buy and sell over 110 cryptocurrencies using PayPal.
The integration, revealed Thursday simplifies transactions for new MoonPay users who already have a PayPal account and use it regularly for online transactions. Users can fund their cryptocurrency purchases through their PayPal balance, direct bank withdrawal, or debit card without manually entering payment information.
MoonPay and PayPal join forces
According to the announcement, one of the main benefits of this collaboration is the additional layer of security provided by PayPalwhich does not disclose full financial details during transactions. MoonPay co-founder and CEO Ivan Soto-Wright highlighted the importance of the partnership, saying:
PayPal has always been at the forefront of the global commerce revolution. By integrating PayPal, we enable consumers to transact with cryptocurrencies in an already familiar environment and significantly lower the barriers to entry for new users.
The partnership would provide several benefits to MoonPay users. Flexibility and choice will be increased as MoonPay offers a huge selection of payment methodsincluding PayPal.
The platform supports over 110 tokens, allowing users to fund their purchases directly from their linked PayPal accounts. The company claimed the integration provides “convenience and speed” by eliminating the need to create additional accounts or enter new payment information. The payments 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 integration will expand to MoonPay partner networks by mid-2024.
Binance.US integration and Stablecoin listing
In 2023, Binance.US in partnership with MoonPay to address the regulatory challenges facing the exchange, particularly following increased scrutiny from the United States Securities and Exchange Commission (SEC). This partnership would have beeninjected “renewed energy” into Binance.US operations.
The same year, Coinbase announcement its intention to list PayPal’s stablecoin, PYUSD. At the same time, Kraken added PYUSD trading options, marking a significant step forward in the widespread adoption of this stablecoin.
PayPal’s Blockchain Research Group (BRG) recently propose a solution for more sustainable Bitcoin mining. The BRG aims to encourage environmentally friendly mining by identifying miners who use low-emission energy sources.
These miners would be rewarded with Bitcoin via a trust-agnostic method, using a “1 of n multisig script” and green keys associated with their public addresses.
At the time of writing, Bitcoin has rebounded to the $59,000 level after a significant decline to $56,000 on Wednesday. Over the past 24 hours, the leading cryptocurrency has seen its price increase by 3.4%, although it remains down 7.7% over the past seven days.
Featured image from Shutterstock, chart from TradingView.com
