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MoonPay and PayPal’s Partnership Expands to EU and UK

MoonPay’s integration with PayPal now allows users across the European Union and the United Kingdom to make payments using digital assets. Initially available to 1% of MoonPay’s clientele in the UK and EU, full accessibility is anticipated within a few weeks, with exceptions in Croatia, Hungary, and Iceland.

This collaboration means that individuals in 24 EU member states and the UK can seamlessly purchase cryptocurrency via their PayPal accounts. The integration aims to streamline transactions for MoonPay users with existing PayPal accounts, enabling them to fund crypto purchases through PayPal Balance, direct bank withdrawal, or debit cards, all without the need for manual input of details. Ivan Soto-Wright, MoonPay’s co-founder and CEO, expressed enthusiasm for the partnership’s success, highlighting the expansion into new markets as a significant milestone. He emphasized how this move would enhance user experience, reduce entry barriers, and foster trust among their expanding customer base worldwide.

The US Move Has Been a Success

The extension of this service into the EU and the UK comes after its recent launch in the US.

MoonPay joined forces with PayPal on May 2, making the service available to all users.

This step showcases the substantial demand for PayPal as a preferred payment avenue for purchasing cryptocurrency.

In their most recent update, the team shared the impressive outcomes they’ve observed, including:

1. New demographic: MoonPay’s integration with PayPal attracts a more mature user base, with an average age of 35.
2. Popularity: PayPal ranks as the third most utilized payment method in the US, surpassing Google Pay, and trailing only slightly behind card payments and Apple Pay.
3. Enhanced engagement: Nearly 90% of users who successfully link to PayPal go on to complete a transaction.
4. Improved conversion: New customers opting for PayPal as their primary payment method convert at a rate 1.3 times higher than those using cards.

Additionally, MoonPay emphasized the integration as a significant milestone, becoming the first platform of its kind to incorporate this payment giant.

The team noted that this integration offers a broader range of cryptocurrencies compared to platforms solely offering Ether or the PayPal USD stablecoin.

Last October, MoonPay unveiled a partnership with Mastercard, aimed at advancing Web3 integrations, establishing connections, and enhancing marketing tools.

Simultaneously, it introduced its Swaps feature within the app in the same month, allowing users to exchange one cryptocurrency for another.

In November, amidst heightened regulatory scrutiny, MoonPay appointed Mike Lempres, a former executive from Coinbase and Andreessen Horowitz (a16z), to its board of directors.

In May of this year, the company made a $1 million donation to the digital advocacy group Stand With Crypto ahead of the 2024 US elections.

Meanwhile, MoonPay garnered substantial investor backing in November 2021, raising $555 million in a Series A funding round led by Tiger Global Management and Coatue, with a valuation of $3.4 billion.

Regarding PayPal, it announced at the end of May its expansion of PYUSD to the Solana blockchain.

It was revealed that the stablecoin incorporates a feature named “confidential transfers,” offering privacy for users and transparency for regulators.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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