Global crypto payments company MoonPay has launched a new payment solution to offer the convenience of fiat balances to the decentralised crypto ecosystem.
Through the new solution, MoonPay Balance, the crypto payments fintech aims to offer users a new way to transact. Users can top up their MoonPay Balance to complete purchases quickly and cost-effectively, eliminating friction associated with traditional crypto purchases on decentralised platforms.
In the past, crypto purchases on these platforms often experience declines, high fees, and disappointing user experiences. By providing users with the ability to hold and spend balances on MoonPay’s direct integration with non-custodial wallets and exchanges, it removes the need for complex processes and costly intermediaries, providing a more efficient, user-friendly and affordable experience.
By partnering with non-custodial wallet providers, MoonPay is also looking to ensure that users maintain complete control and ownership of their crypto assets, by lowering the risk of account freezes or hacks often experienced on centralised platforms.
MoonPay Balance also supports various payment methods, including SEPA, Faster Payments, and open banking, with plans to expand to more options in the future including ACH, Wire, and RTP.
“MoonPay Balance is more than just a payment solution; it’s a catalyst for a new era of financial freedom,” explained Ivan Soto-Wright, CEO and co-founder at MoonPay. “In the future, users can expect their non-custodial crypto wallets to serve as their primary bank accounts. Imagine seamless management of your finances: investments, spending, savings, and payments, all from one place, while retaining full control over your assets. MoonPay Balance is a critical step towards this future, bridging the gap between fiat and crypto and making it accessible to everyone with a familiar and user-friendly experience.”
MoonPay Balance will launch in the UK and EU (excluding Germany) and has plans to live in the US in the near future. Early launch partners include Phantom, MetaMask, Uniswap and Bitcoin.com to offer a familiar and efficient experience for millions of users across the MoonPay ecosystem.