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MoonPay users can now purchase cryptocurrencies via PayPal
Cryptocurrency purchasing app MoonPay has partnered with fintech giant PayPal (PYPL), the companies said Thursday. The partnership means MoonPay users in the United States can seamlessly purchase cryptocurrencies with PayPal via wallet transfer, bank transfer and debit card transactions, according to a press release.
Buying and exchanging cryptocurrencies is an ongoing project, which has not been facilitated by the major banks of this world.
PayPal has over 426 million active accounts globally; MoonPay, which focuses on cryptocurrencies, is no different, with over 15 million users.
MoonPay co-founder and CEO Ivan Soto-Wright called the partnership “symbiotic” because users of his app increase their reach and have a new flexible payment option, while the limited range of major cryptocurrencies offered by PayPal is now extended to the entire range of popular tokens.
Soto-Wright stressed that the partnership is not a one-off integration of the kind the fintech giant has explored with the likes of the Web3 MetaMask wallet, but rather PayPal being incorporated into MoonPay’s infrastructure.
We’re the first company to do this with PayPal, and it’s been a long process to get them comfortable,” Soto-Wright said in an interview. “We process billions of dollars on debit and credit cards in terms of cryptocurrency, and we think this will be a big step forward for us in terms of helping us reach more customers, people who may have had their card declined by one of their banks. It’s nobody’s fault; it’s just the banks; banks sometimes reject crypto companies.”