PayPal and MoonPay Join Forces to Expand Crypto Access Across Europe and the UK

Are you in Europe or the UK and looking for an easier way to dive into the world of cryptocurrency? Well, great news! MoonPay, the platform known for simplifying digital asset payments, has teamed up with PayPal to make buying crypto smoother than ever. Imagine purchasing your favorite cryptocurrencies with the same ease you use PayPal for online shopping – that’s now becoming a reality for many of you!

What’s the Buzz About?

MoonPay has officially launched PayPal payments for its users across the European Union (EU) and the United Kingdom (UK). This means if you’re in these regions, you can now use your trusted PayPal account to buy crypto on the MoonPay platform.

According to their official press release, this feature is rolling out gradually. Initially available to 1% of MoonPay customers in the UK and EU, they anticipate reaching 100% availability within the coming weeks. There are a few exceptions – Croatia, Hungary, and Iceland are not included in this initial rollout. But for the vast majority, specifically those in 24 EU member states and the UK, get ready to simplify your crypto buying experience!

Think about it – no more fumbling for credit card details or bank information every time you want to buy crypto. If you’re already a PayPal user, you’re set! MoonPay highlights that this integration is all about making transactions simpler and more convenient for their users who already have PayPal accounts.

You can fund your crypto purchases using various PayPal options:

• PayPal Balance
• Direct bank withdrawal
• Debit cards

The best part? You don’t need to manually enter all those details each time. It’s all streamlined through your PayPal account.

Ivan Soto-Wright, MoonPay’s co-founder and CEO, expressed his enthusiasm about “the success of our PayPal partnership.” He further added that “expanding our collaboration to new markets is an incredibly exciting milestone for us. This move will enable us to provide a frictionless experience and lower the barriers to entry to include new users around the world, bringing convenience and trust to our growing customer base.”

Building on US Success: What Worked There?

This EU and UK expansion isn’t happening in a vacuum. It’s actually built on the success of a similar launch in the US just last month. MoonPay and PayPal first joined forces in the US on May 2nd, and the service quickly became available to all US users.

MoonPay reported strong demand for PayPal as a crypto payment option in the US, and the results speak for themselves. They’ve shared some impressive data points from the US launch:

• Attracting a New Audience: PayPal integration has brought in a more mature demographic to MoonPay, with the average age of new users being 35 years old. This suggests PayPal is opening up crypto to a broader, potentially less crypto-native audience.
• Popular Payment Choice: In the US, PayPal has become the third most popular payment method on MoonPay, surpassing even Google Pay. It’s only slightly behind traditional card payments and Apple Pay, showing its strong adoption.
• Boosting Engagement: A remarkable 90% of users who connect their PayPal accounts on MoonPay actually go through with a crypto transaction. This indicates a high level of trust and intent once users see PayPal as an option.
• Improving Conversion Rates: New customers who choose PayPal as their first payment method are converting into buyers at a rate 1.3 times higher than those using cards. This is a significant jump in conversion, highlighting PayPal’s effectiveness in turning new users into paying customers.

MoonPay emphasizes that being the first platform of its kind to integrate PayPal for crypto purchases is a major achievement. They also point out a key advantage: they offer a wider variety of cryptocurrencies compared to platforms that might only focus on Ether or PayPal’s own stablecoin, PYUSD.

MoonPay’s Busy Expansion: More Than Just PayPal

This PayPal integration is just one piece of the puzzle for MoonPay. They’ve been actively expanding their offerings and forging partnerships. Take a look at some of their recent moves:

• Mastercard Partnership (October last year): MoonPay joined forces with Mastercard to push forward Web3 integrations, strengthen connections within the space, and enhance marketing efforts. This signals a commitment to building a broader Web3 ecosystem.
• Swaps Feature (October last year): They launched a new “Swaps” feature within their app, allowing users to directly exchange one cryptocurrency for another. This adds flexibility and utility for users managing their crypto portfolios.
• Strategic Board Appointment (November last year): Amid increasing regulatory attention in the crypto world, MoonPay appointed Mike Lempres, a seasoned executive with experience at Coinbase and Andreessen Horowitz (a16z), to their board. This move likely strengthens their regulatory navigation and compliance expertise.
• Support for Crypto Advocacy (May this year): Demonstrating their commitment to the crypto industry’s growth and favorable regulatory environment, MoonPay donated $1 million to Stand With Crypto, a digital advocacy group, ahead of the 2024 US elections.

These activities, combined with a significant $555 million Series A funding round in November 2021 (led by Tiger Global Management and Coatue, valuing the company at $3.4 billion), show a company that’s rapidly growing and strategically expanding its reach within the crypto landscape.

And what about PayPal? They are also actively developing their crypto offerings. Just at the end of May, PayPal announced the expansion of their PYUSD stablecoin to the Solana blockchain. Interestingly, this stablecoin includes a “confidential transfers” feature, aiming to balance user privacy with regulatory transparency.

The Future Looks Bright for Crypto Accessibility

The PayPal and MoonPay partnership in the EU and UK is more than just a feature launch; it’s a significant step towards making cryptocurrency more accessible to everyday users. By leveraging the familiarity and trust of PayPal, MoonPay is breaking down barriers and inviting a wider audience to participate in the crypto revolution. As MoonPay continues to expand its partnerships and offerings, and as PayPal deepens its crypto involvement, we can expect even more user-friendly and integrated crypto experiences in the future. Keep an eye on this space – it’s evolving rapidly!