As a seasoned researcher with years of experience in the dynamic world of fintech and cryptocurrencies, I find MoonPay’s latest innovation – MoonPay Balance – to be an exciting leap forward in the realm of self-custodial spending solutions.
MoonPay, a company specializing in cryptocurrency infrastructure, is making strides to enhance self-managed spending options by unveiling a fresh payment system that enables users to store and utilize traditional currency balances directly.
On November 13th, MoonPay unveiled the MoonPay Balance – a fresh payment option that allows users to keep and utilize their traditional currency balances within MoonPay. This tool serves as a gateway for users to engage with Decentralized Finance (DeFi), using their stored funds.
The new solution empowers users to spend balances through MoonPay’s direct integration with non-custodial or self-custodial wallets like MetaMask, Phantom and Bitcoin.com, according to an announcement shared with CryptoMoon.
SEPA, Faster Payments and Open Banking supported at launch
Initially, MoonPay’s account balance will be accessible in the UK, along with the majority of European nations, excluding Germany.
The supported jurisdictions encompass 27 nations, such as the United Kingdom, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
Initially, this novel payment system is equipped to handle various payment options, such as SEPA transactions, Faster Payments, and those facilitated by Open Banking.
Representatives from MoonPay have announced they are currently enhancing their payment methods, and American users can expect the addition of ACH payments in the near future.
As a researcher, I’d like to highlight that while direct cryptocurrency deposits aren’t currently an option, users can convert their digital currencies to fiat (such as Euros or British Pounds) and then utilize these funds to add value to their MoonPay Balance.
As a researcher, I’d articulate this as follows: “When it comes to deposits, withdrawals, purchases, and sales, MoonPay has announced that they will not levy any charges. However, their collaborating parties might impose ‘ecosystem fees’ based on the particular transaction or service you are using.
Non-custodial crypto wallets as “primary bank accounts”
By introducing MoonPay Balance, MoonPay played a substantial role in promoting user-owned storage solutions, often referred to as self-custody. This approach allows individuals to securely store digital assets such as Bitcoin (BTC) on their own, without relying on any other party besides themselves.
In the days ahead, it’s likely that individuals will find their digital wallets for cryptocurrencies functioning as their main banking accounts, as predicted by Ivan Soto-Wright, the co-founder and CEO of MoonPay.
He noted that MoonPay Balance bridges a key gap in the decentralized ecosystem, giving users the freedom to manage their crypto in non-custodial wallets, adding:
“At MoonPay, we believe users should have complete control over their digital assets, while enjoying an experience that matches or exceeds the standards set by traditional fintech applications.”
MoonPay’s recently introduced spending solution has been following a string of partnerships with prominent traditional financial institutions, such as PayPal.
By July 2024, MoonPay had added PayPal fiat on-ramps for clients residing in the European Union and the United Kingdom. Earlier in May 2024, they had introduced a similar PayPal feature for their US customers.
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2024-11-13 17:14