- PayPal has partnered with MoonPay to broaden its crypto offerings to over 100 new tokens.
- The MoonPay partnership is a significant acceleration in PayPal’s integration of crypto functionality.
PayPal Partners with MoonPay to Offer Over 100 New Cryptocurrencies
PayPal, a global payment processor, has partnered with MoonPay, a non-custodial crypto exchange, to substantially broaden its crypto offerings.
Previously, PayPal provided access to only a handful of tokens, including Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).
This partnership with MoonPay has vastly increased PayPal’s crypto offerings to over 100 tokens, including Solana (SOL), Dogecoin (DOGE) and Tether (USDT).
This partnership is a significant acceleration of PayPal’s efforts to dominate the growing demand for crypto integration in the payment processing industry.
MoonPay is well-known for its user-friendly interface and robust security features.
This makes MoonPay an ideal partner for maintaining PayPal’s reputation as a stable and secure traditional payment processor.
The Details of the PayPal and MoonPay Crypto Deal
The PayPal and MoonPay crypto deal boils down to an exchange of benefits between the two partners.
MoonPay benefits from the enormous brand value of PayPal’s name and access to its massive customer base.
Customers can now transact on the MoonPay platform by using their PayPal account.
This means that customers no longer need to register payment methods with MoonPay to use these methods on its platform.
PayPal benefits from the deal by massively expanding its crypto offerings through the MoonPay platform.
Instead of needing to build its own integrated crypto functionality, PayPal can instead rely on the user-friendly interface of MoonPay.
PayPal’s customers now have access to MoonPay’s enormous range of tokens from the safety and comfort of their existing PayPal accounts.
Who Is MoonPay?
PayPal is a globally recognized name in the payment processing industry, but MoonPay is far less well-known.
MoonPay is a non-custodial crypto exchange, which means that it does not hold any tokens on behalf of its customers.
Instead, MoonPay offers a safe and user-friendly platform where customers can buy, sell and exchange an enormous variety of crypto tokens.
MoonPay has developed a reputation for safety, with robust legal compliance, KYC protocols and blockchain monitoring.
PayPal’s Crypto Integration Is Heating Up
With over 426 million accounts and projections for strong growth of active users, PayPal is a behemoth of the payment industry.
From this dominant position, PayPal has long recognized the importance of crypto integration.
PayPal first announced its plans for crypto integration way back in October of 2020.
It then followed up with limited crypto access for U.S. users in April of 2021, and then for U.K. users in August of the same year.
It then took the crucial step of allowing transfers of tokens to external wallets in June of 2022, but only for Bitcoin and Ethereum.
This partnership with MoonPay represents a significant increase in the pace of PayPal’s crypto integration strategy.
“PayPal has always been at the forefront of revolutionizing commerce globally. Now more than ever consumers are exploring different avenues of financial systems–whether that be crypto, retail investing, or digital banking–and this partnership underscores our deep commitment to collaborating with trusted partners in the ecosystem to expand their access.”
Ivan Soto-Wright, MoonPay Co-Founder and CEO, stated
PayPal’s Integration Leap Reflects Crypto’s Growing Maturity
PayPal is not the only payment processor stepping up its crypto game.
Payment processors recognize the rapid and inevitable rise of crypto in payment processing, and the pressure is on to dominate this new aspect of the industry.
This partnership represents a substantial leap over PayPal’s previous crypto integration efforts.
A significant part of this crypto integration acceleration is the result of the growth of reliable crypto technology companies, such as MoonPay.
MoonPay’s dedication to stability, security, and multi-jurisdictional legal compliance has allowed PayPal to take such a significant step forward in crypto integration.
We can expect to see an increasing number of these partnerships between crypto and traditional finance as crypto technology companies mature into stable and reliable partners.
