MoonPay has announced a groundbreaking integration with PayPal, enabling crypto purchases for customers in the European Union and the United Kingdom. This move is set to revolutionize the crypto buying experience for millions.
The integration, currently available to 1% of European users, will soon roll out fully across the region, excluding Croatia, Iceland, and Hungary. This development promises a smoother, more convenient way for users to buy cryptocurrencies.
MoonPay’s CEO and co-founder, Ivan Soto-Wright, emphasized PayPal’s significant role in the payment industry, highlighting the ease and trust it brings to new users. “This move will enable us to provide a frictionless experience and lower the barriers to entry to include new users around the world, bringing convenience and trust to our growing customer base,” he said.
PayPal’s presence in the crypto space has been expanding. In August 2023, the company introduced its U.S. dollar stablecoin, PayPal USD (PYUSD), backed 1:1 by cash and short-term cash equivalents. More recently, in May 2024, PYUSD was deployed on the Solana network, taking advantage of Solana’s high throughput and low transaction costs.
The integration of PayPal into MoonPay’s platform is already operational for users in 48 U.S. states, excluding New York and Texas. This expansion into Europe underscores PayPal’s commitment to becoming a major player in the crypto ecosystem.
Stablecoins, like PayPal’s PYUSD, play a crucial role in the digital economy. They provide liquidity, expand banking services to underserved areas, reduce transaction costs, and offer efficient solutions for cross-border payments. By leveraging stablecoins, PayPal aims to facilitate everyday purchases and personal transactions, enhancing the overall user experience.
This strategic move by MoonPay and PayPal marks a significant step forward in making cryptocurrency more accessible and user-friendly for people across Europe and beyond.