KEY POINTS
MoonPay and PayPal have teamed up again to expand the availability of cryptocurrency purchases via PayPal across the United Kingdom and Europe, following a recent launch in the United States.
According to a press release shared on June 12, users can now buy over 100 cryptocurrencies using PayPal in the UK, across 24 European countries, and in 48 US states. Efforts are underway to extend this service to New York and Texas.
Users have the option to fund their cryptocurrency purchases using their PayPal balance, direct bank withdrawal, or debit card.
MoonPay’s co-founder and CEO, Ivan Soto-Wright, stated “This move will enable us to provide a frictionless experience and lower the barriers to entry to include new users around the world.”
Established in 2019, MoonPay has swiftly emerged as a key player and payment provider within the Web3 ecosystem. In 2022, it secured $87 million in investments from over 60 prominent individuals and organizations spanning the music, sports, media, and entertainment sectors, including figures like Paris Hilton, Jason Derulo, and Justin Bieber.
The one with PayPal marks another initiative by MoonPay to broaden crypto adoption. Last month, the company introduced a Web3 platform tailored for businesses, featuring tools for wallet authentication, NFT integration, checkout support, and more.
In December, MoonPay simplified NFT transactions introducing a streamlined checkout feature, enabling users to complete purchases in just four clicks.
PayPal has also made significant moves in the Web3 space, filing trademark applications in 2022 related to Web3 activities. During the same year, PayPal enabled MetaMask users to purchase Ethereum.
However, in April, PayPal excluded NFTs from its buyer and seller protection programs, raising concerns about its Web3 strategy.
