Moonpay, the digital asset trading platform, announced on May 2 that it has entered into an agreement with Paypal allowing users in the U.S. to purchase cryptocurrency using their Paypal accounts. According to a statement, the integration of Moonpay and Paypal simplifies transactions for new users of the crypto platform who already have a Paypal account and use it for online transactions.
In addition, the statement mentioned that Moonpay users will benefit from the “safety” of Paypal, as the payment provider shares comprehensive financial information of a transaction. Ivan Soto-Wright, co-founder and CEO of Moonpay, commented on his company’s partnership with Paypal, saying:
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.
Soto-Wright added that his company facilitates crypto transactions in a familiar environment, which presents fewer barriers to entry. While Paypal is now available to Moonpay’s users based in the United States, the statement also disclosed that this service will be accessible through the crypto platform’s partner networks by mid-2024.
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