Paysafe, a global payments platform listed on the NYSE, has announced the launch of Pay with Crypto, a new crypto payment method for iGaming operators and daily fantasy sports brands in the US market.
According to the company, the solution is powered by MoonPay, a crypto payments and stablecoin infrastructure provider. It enables players to fund their accounts using stablecoins or cryptocurrencies, including USD Coin, which are then instantly converted to US dollars upon deposit.
Players select Pay with Crypto at checkout, connect their crypto or custodial wallet, and complete the deposit via wallet connection or QR code. Once the transaction is verified, the crypto deposit is converted to US dollars and applied to the player's account. Operators can choose to settle in stablecoins to a crypto wallet or in US dollars or other fiat currencies through MoonPay's Virtual Accounts powered by Iron.
Market demand and operator integration
Paysafe cited approximately 70.4 million American adults holding cryptocurrency, alongside its own research indicating 83% of US players have an appetite for crypto payments, as the drivers behind the product launch. The solution is accessible to operators through a single integration of the Paysafe Gateway, which already supports card payments, the Skrill digital wallet, PaysafeCash eCash, Pay by Bank, and more than 30 local payment methods. Pay with Crypto extends that suite without requiring a separate integration.
Furthermore, the launch reflects the growing adoption of stablecoins as a payment medium in the US, particularly in the regulated iGaming sector, where players are seeking to use their existing crypto holdings for deposits without first converting them to fiat.
Commenting on the launch, Zak Cutler, President of Global Gaming at Paysafe, said cryptocurrency is evolving in the US from an investment asset into a unit of value for payments, and that Pay with Crypto positions operators for their customers' changing transactional preferences. Ivan Soto-Wright, Founder and CEO of MoonPay, said the move brings crypto payments to more people through trusted, regulated platforms.
