- MoonPay announced a new partnership with PayPal that will expand the features of both platforms.
- This will let MoonPay users fund their transactions through their digital wallets, debit cards, and bank transfers via PayPal.
- Altcoins were receptive to the development with Dogecoin (DOGE) and Shiba Inu (SHIB) taking double-digit gains within the day.
MoonPay x PayPal Partnership
Amid the cryptocurrency market bleeding red candles as of late, we finally get a little reprieve with a new development that occurred just hours ago. Today, May 2, MoonPay announced a partnership with PayPal that would allow both platforms to consolidate their flagship features as well as expand their services and reach to consumers.
According to the press release of the parties, the newly forged partnership between the crypto buying app and the fintech powerhouse will allow MoonPay users to trade 110 types of coins and tokens using PayPal. Besides the usual electronic wallet transfers, it would also let them fund their trades via bank transfers or debit cards.
MoonPay co-founder and CEO Ivan Soto-Wright suggests this provides users a workaround for banks that automatically decline wired or card transactions directed to cryptocurrency companies. He went on to point out, “[It’s] nobody’s fault; it’s just the banks; banks sometimes reject crypto companies.”
In addition to the convenience the flexibility of the service offers, this could potentially entice more people in the crypto community, hence, boosting the adoption of cryptocurrencies in the retail segment of the market.
Currently, PayPal boasts over 426 million users in its payments network while MoonPay hosts 20 million verified customers engaged in crypto. It should be noted, however, that the features unlocked by the partnership are limited to the US, which makes up around 50% of the crypto firm’s user base.
The PayPal integration is available in the MoonPay App on Apple’s App Store and Google Play. It’s accessible via MoonPay’s dedicated website, too.
Soto-Wright referred to the collaboration as “symbiotic.” Future plans include rolling out the feature to UK and EU customers soon.
DOGE and SHIB Show Double-Digit Recoveries
Bitcoin (BTC) has its own issues to contend with right now, thanks to the stagnating interest rates by the US Federal Reserve, massive sell-off following the latest halving in its ecosystem, global socio-political tensions, waning interest in spot Bitcoin exchange-traded funds (ETF), and incoming crypto ban in Russia that specifically mentioned it, among others. Nevertheless, the recent developments including the official announcement of the partnership of MoonPay and PayPal nudged it to gain over 3% in the 24-hour frame to $59K.
Alongside the prime crypto by market cap were altcoins that exhibited a more welcoming sentiment toward the event. As soon as the news broke, Dogecoin and Shiba Inu kicked off with double-digit gains of more than 10%.
DOGE peaked at $0.1342 today from a low of $0.1205 while SHIB topped at $0.0000232 from a $0.00002087 low.