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Saturday, December 07, 2024

MoonPay Launches Balances: A Revolutionary Payment Solution for the Decentralized Ecosystem

MoonPay, the leading global crypto payments company, announced today the launch of MoonPay Balance, a groundbreaking payment solution that brings the convenience of fiat balances to the decentralized crypto ecosystem.

Previously, fiat balances only existed on centralized exchanges and traditional fintechs such as Coinbase, Revolut, and Robinhood. Today, MoonPay brings this payment method to the decentralized ecosystem as a new way to transact – users simply top up their MoonPay Balance and complete purchases quickly and cost-effectively.

Unlike centralized exchanges and traditional fintech companies, MoonPay Balance empowers users with the ability to hold and spend balances on MoonPay’s direct integration with non-custodial wallets and exchanges through MoonPay. This eliminates the friction associated with traditional crypto purchases on decentralized platforms, where transaction declines, high fees, and subpar user experiences have deterred potential users. Further, holding and spending balances directly from MoonPay removes the need for complex processes and costly intermediaries, providing a more efficient, user friendly and affordable experience.

“MoonPay Balance is more than just a payment solution; it’s a catalyst for a new era of financial freedom,” said 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.”

Key Features and Benefits:

  • Lower fees: Zero MoonPay fees on all transactions made with MoonPay Balance, including top up and withdrawals. Partner fees and network fees still apply.
  • Instant Payments: Lightning-fast transaction speeds for MoonPay Balance with minimal wait times.
  • Higher Approval Rates: No more failed card payments or blocked bank cards.
  • Universal Accessibility: MoonPay Balance can be used across MoonPay’s extensive network integrations with 300+ partner wallets and decentralized exchanges.
  • User Control: By partnering with leading non-custodial wallet providers, MoonPay ensures users maintain complete control and ownership of their crypto assets. This lowers the risk of account freezes or hacks often experienced on centralized platforms.

How it Works:

  • KYC Verification: Complete a quick and secure KYC process to enable deposits.
  • Top Up: Top up your MoonPay Balance using your preferred payment method. Only users in the UK and certain EU countries (for GBP or EUR) are supported at this time.
  • It will expand to the US and ROW in due time.
  • Buy Crypto: Use your MoonPay Balance and complete your purchase instantly.
  • Sell to Balance: Sell your crypto and convert MoonPay Balance back to fiat.
  • Withdraw Funds: Withdraw to your bank account or supported payment method anytime.

The MoonPay Balance will launch in the UK and EU (excluding Germany) and will go live in the U.S. in the coming weeks.

Beyond MoonPay’s own platform, Balance seamlessly integrates with its existing network of over 300+ partners. Early launch partners include Phantom, MetaMask, Uniswap and Bitcoin.com. This ensures a familiar and efficient experience for millions of users across the MoonPay ecosystem. MoonPay Balance 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.

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