By Anjali Kochhar
PayPal has announced a significant expansion of its cryptocurrency offerings as part of a strategic agreement with MoonPay. With this connection, PayPal’s huge user base of over 426 million consumers will receive access to a diverse range of digital assets, including more than 100 cryptocurrencies.
MoonPay, a leading cryptocurrency company, believes that this collaboration will streamline the crypto purchasing process for PayPal users, addressing common banking hurdles faced during transactions. By leveraging MoonPay’s technology, PayPal customers can now purchase cryptocurrencies seamlessly, even when using debit cards, without encountering typical banking restrictions.
One of the key advantages highlighted by MoonPay is the enhanced success rate of transactions, as users can now buy crypto directly through PayPal, eliminating the need to separately provide personal or card information to MoonPay. Additionally, this integration expands the range of cryptocurrencies available to PayPal users beyond the previous offerings of Bitcoin, Ethereum, PayPal USD, Bitcoin Cash, and Litecoin.
Among the newly accessible cryptocurrencies are Solana, Tether, Dogecoin, Cardano, and Polygon, offering users greater flexibility and choice in their investment portfolios. MoonPay ensures a smooth onboarding process for PayPal customers, allowing them to purchase crypto using their PayPal account balance, direct bank withdrawal, or debit card, without manual input of details.
As of the announcement, approximately 50% of U.S. PayPal users can access the new integration, with plans for full accessibility in the near future. MoonPay emphasizes its commitment to compliance and regulation, employing IP controls, blockchain monitoring, and a robust KYC process to operate within legal frameworks.
This expansion marks a significant milestone for PayPal, which first announced its foray into cryptocurrency in October 2020. Since then, the company has steadily expanded its crypto services, including the introduction of cryptocurrency buying options on its Venmo platform and a rollout in the United Kingdom.
Initially prohibiting customers from transferring digital assets off the site, PayPal later let users to move Bitcoin and Ethereum to external wallets in June 2022. PayPal’s MoonPay integration demonstrates the company’s dedication to serving the shifting demands of its enormous user base, making it easier to access the burgeoning cryptocurrency market.
The collaboration between PayPal and MoonPay marks a watershed point in the mainstream use of cryptocurrencies, giving millions of people easy access to a wide range of digital assets via a trusted and familiar platform.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
