MoonPay, a cryptocurrency payment platform, has announced the integration of PayPal as a new fiat on-ramp option for its customers in the European Union and the United Kingdom.
This integration allows customers across Europe to use PayPal to purchase cryptocurrencies on the MoonPay platform. The service is currently available to 1% of European users and is expected to be fully rolled out across the region in the coming weeks, except in Croatia, Iceland, and Hungary.
The announcement was made recently, with the full regional rollout expected to occur over the next few weeks. This new service feature will be available to MoonPay users throughout the European Union and the United Kingdom, excluding Croatia, Iceland, and Hungary.
The integration of PayPal into MoonPay’s platform aims to streamline the process of purchasing cryptocurrencies by utilizing a payment method that is already widely popular and trusted in other regions, such as the United States. According to Ivan Soto-Wright, CEO and co-founder of MoonPay, this move is intended to provide a frictionless experience and lower barriers to entry for new users, enhancing convenience and building trust within their growing customer base.
PayPal’s integration as a fiat on-ramp on MoonPay coincides with its broader initiatives within the cryptocurrency space, including the launch of its U.S. dollar stablecoin, PayPal USD, and its deployment on the Solana network to capitalize on lower transaction costs and higher throughput. The addition of confidential transfers to PayPal’s PYUSD on Solana is a further innovation aimed at increasing privacy while remaining compliant with regulatory requirements. Stablecoins like PayPal USD, Circle’s USDC, and Tether’s USDT play a crucial role in the digital economy by providing liquidity, reducing transaction costs, and facilitating cross-border payments. This development reflects a continuing trend of integrating traditional financial services with innovative blockchain technologies to expand access and functionality within the cryptocurrency market.
