MoonPay announced today its users in the United States can now buy and sell more than 110 cryptocurrencies with PayPal.
The integration will help prevent declined crypto purchases via debit card, “significantly increasing the success rate of crypto transactions — even when using the same debit card,” a press release claimed today. Additionally, existing PayPal users won’t need to manually input their card information when buying cryptocurrencies on MoonPay.
MoonPay users also will not be limited to PayPal purchases with the PYUSD stablecoin or ether, the company says. Rather, they can buy and sell more than 110 coins and tokens.
Roughly half of MoonPay’s customers in the U.S. can take advantage of the integration, a spokesperson told The Block. The company plans to expand its PayPal integration to users in the United Kingdom and European Union “in the near future.”
MoonPay claims to be the first on and off-ramp provider to integrate with PayPal — citing the ability for users on all of MoonPay’s partner platforms to make use of the integration as a key differentiating factor between itself and a crypto exchange with PayPal integration, like Coinbase, in a comment to The Block.
Notably, PayPal also offers its own on and off ramp service for web3 payments.
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