Crypto payments provider MoonPay has teamed up with Bitcoin.com to introduce Balance, a new feature that enables users to hold fiat balances directly within the latter’s app.
Supported by MoonPay’s Embedded Balance solution, the new feature aims to improve the speed, affordability, and reliability of cryptocurrency transactions. By integrating fiat balances within the app, Bitcoin.com users across the US, EU, and UK will be able to fund, store, and spend from their balances to buy and sell crypto, without incurring any MoonPay fees on crypto purchases.
Through this, MoonPay aims to deliver a simplified trading experience that users expect from fintech platforms, while also maintaining the capabilities and advantages of a self-custodial crypto environment. Bitcoin.com stated that, by working with MoonPay, the company plans to provide its customers with a faster, more cost-effective way to transact crypto, without having to give up custody of their crypto assets like they do when leveraging centralised exchanges.
New and advanced crypto experience
Conventionally, crypto purchases have heavily relied on card payments or bank transfers, which can incur high fees, failed transactions, or lengthy processing times. Through Bitcoin.com Balance, users are set to be able to side-step these issues by pre-funding a fiat balance in-app, utilising several payment methods, including ACH transfers, PayPal, and Venmo, depending on jurisdiction. After being funded, these balances can be leveraged to purchase crypto assets. Additionally, customers can sell crypto into their balance, withdraw to a bank account, or spend it in future transactions.
Among the potential benefits of Embedded Balances, MoonPay highlights:
- No MoonPay fees on crypto purchases; however, ecosystem and network fees still apply;
- Instant transactions for buying and selling;
- Optimal success rates on crypto orders;
- Flexible top-up options, including bank transfers and PayPal, among others, depending on the region.
- Currently live in the US, EU, and UK, the Bitcoin.com Balance feature is set to be available in more regions as Bitcoin.com and MoonPay continue expanding access to improved crypto trading.
Furthermore, just a few short days before this announcement, MoonPay joined forces with Trust Wallet to optimise global crypto transactions. The two signed a multi-year deal to make crypto transactions easier for users, with MoonPay becoming the default provider for Trust Wallet’s Buy Crypto feature, starting in the US.
