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Cryptocurrency partnerships continue to make significant impacts recently. Despite the fourth halving event, the crypto market is still considered to be in its early stages, with companies vying for a position. It has been announced that a cryptocurrency-focused partnership has been established between PayPal, one of the world’s largest fintech companies, and MoonPay.
Details of the Crypto Partnership
According to the announcement made by the two giant companies on Thursday, a partnership has been formed between MoonPay, a cryptocurrency trading application, and PayPal (PYPL), one of the world’s largest fintech companies.
According to the press release, the partnership will allow individuals in the US using MoonPay to purchase cryptocurrencies seamlessly via PayPal, through wallet transfers, bank transfers, and bank cards.
It is known that PayPal serves over 426 million active accounts worldwide. The crypto-focused company MoonPay is known to have more than 15 million users, which is considered a significant number.
Ivan Soto-Wright, co-founder and CEO of MoonPay, called the situation “symbiotic”.
The CEO also clarified that their application facilitates access to cryptocurrencies and emphasized that the scope of PayPal will now cover all popular tokens, not just a limited number of major cryptocurrencies.
Soto-Wright stated that the partnership is not limited to a single integration like PayPal’s with the Web3 wallet MetaMask, but also that PayPal will serve embedded within MoonPay’s infrastructure.
In an interview, Soto-Wright said:
“We are the first company to do this with PayPal, and it was a long process to get them comfortable. We are processing billions of dollars in transactions in cryptocurrency through bank and credit cards, and we believe this will be a big step for us in reaching more customers, including those whose cards may have been rejected by their banks. It’s not anyone’s fault; it’s just the banks; banks sometimes reject crypto companies.”
How Much is 1 Bitcoin Now?
While the partnership news from the market is exciting, all eyes were also on BTC. Following the interest rate decision yesterday, BTC had risen to $59,600 but then fell back to $56,500.
As of the time of writing, BTC is trading in the $58,400 region. During this period, Bitcoin‘s market cap has risen to $1.15 trillion while its trading volume has fallen to $40 billion, which represents a 10% decrease.
