Moonpay has announced a significant expansion of its offerings in the UK and the European Union.
The payment provider has integrated PayPal as a new fiat on-ramp on its platform. This would enable users within Europe to purchase cryptocurrencies easily.
Moonpay Expands with PayPal Integration
As per reports, the integration excludes users in Hungary, Croatia, and Iceland. The integration is currently live for 1% of European users. However, Moonpay plans to fully roll out the service in the coming weeks.
Moonpay, in a statement, noted that the partnership with PayPal would help expand its coverage. It noted that PayPal’s role as one of the biggest payment platforms after traditional bank cards, and Apple, played a role in the integration.
Source: X
The news comes weeks after both companies launched a similar integration for US users. The integration means that PayPal is available in 48 US states, besides New York and Texas.
The integration also makes it easy for MoonPay customers to buy and trade over 110 cryptocurrencies via its PayPal integration. Additionally, it offers users more options to buy cryptocurrency with debit cards, bank withdrawals, or their current PayPal account.
PayPal Continues its Crypto Expansion
PayPal has increased its presence in the crypto market in recent months. Its partnership with MoonPay came at a time when PayPal entered the stablecoin market. Last year, the payment provider launched its stablecoin, PayPal USD, backed one-to-one by cash and short-term currency equivalents.
Source: X
PayPal recently launched its stablecoin on the Solana blockchain to leverage Solana’s cheap fees and high throughput. The move further supports the use of PayPal USD for personal and everyday purchases.
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