When you think of pioneers of digital payments, you cannot miss PayPal in your list of options. PayPal was indeed one of the most trusted and authoritative digital payment solutions at the onset of e-commerce and electronic payment.
That begs the question: Why is PayPal largely a no-show at the height of the rising growth of digital currencies and the blockchain system? Well, tech-savvy individuals might say PayPal is bogged down by bureaucracies and inflexibility, but financial regulation authorities might counter that the company is keen on following due diligence.
PayPal, at times, can be quite slow, as it must conduct thorough KYC on its clients to curb money laundering and other electronic finance offenses.
Be that as it may, PayPal—which was earlier supporting crypto—seems to be making a silent comeback.
PayPal partners with MoonPay
On May 2nd, PayPal announced it had partnered with MoonPay – a leading Web3 infrastructure company – to enable users within the United States to buy and sell cryptocurrencies via their PayPal accounts.
As it is, crypto-users in the U.S. can now add PayPal to their basket of options when buying their favorite coins. Previous options included credit cards, debit cards, and bank withdrawals.
“PayPal has always been at the forefront of revolutionizing commerce globally. Now more than ever, consumers are exploring different avenues of financial systems—whether that be crypto, retail investing, or digital banking—and this partnership underscores our deep commitment to collaborating with trusted partners in the ecosystem to expand their access.
By integrating PayPal, we are enabling consumers to transact with crypto in an already familiar environment and significantly lower the barrier to entry for new users.” – said Ivan Soto-Wright, the CEO and co-founder of MoonPay.