MoonPay announced today that its U.S. users can now buy and sell more than 110 cryptocurrencies through PayPal.
Integrating cryptocurrency transactions within the PayPal app could circumvent banking restrictions that hinder such purchases.
A spokesperson from MoonPay noted that bank restrictions often cause direct debit card transactions for cryptocurrency to fail. The collaboration with PayPal enhances the success rate of these transactions by using the same payment method within a more accepting framework.
Additionally, MoonPay stated that PayPal users can purchase cryptocurrencies without needing to supply their personal or card information directly to MoonPay, streamlining the process.
Previously, PayPal customers had the option to purchase cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), PayPal USD (PYUSD), Bitcoin Cash (BCH), and Litecoin (LTC).
Following a partnership with MoonPay, the range of available cryptocurrencies has expanded to include Solana (SOL), Tether (USDT), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC), among others.
MoonPay announced that with this new integration, customers across all 50 states in the U.S. can now purchase cryptocurrencies directly through the PayPal platform using their account balances, direct bank withdrawals, or debit cards.
As of the latest update, half of PayPal’s U.S. users have access to this enhanced functionality.