Fiat balances were traditionally limited to centralised exchanges and fintech platforms. Common issues during decentralised crypto transactions include high fees, payment declines, and complicated processes.
MoonPay aims to tackle these issues by bringing fiat balances to the decentralised ecosystem, allowing users to top up their MoonPay Balance and complete crypto purchases efficiently.
Users will have zero MoonPay fees on all transactions made with MoonPay Balance, including withdrawals and top-ups. The payments and transactions are instant, with minimal wait times and high approval rates. This reduces the number of failed card payments or delayed transactions.
They can set up their account after completing a KYC process. Top-ups in the US can be made using a range of payment methods, including ACH transfer, PayPal, and Venmo. Once cleared, customers can utilise their balance to purchase from over 60 cryptocurrencies. When withdrawing, they can do so on their bank account or supported payment method at any time.
Users can also sell crypto back to their MoonPay Balance for easier future purchases or withdrawals.
MoonPay Balance first launched in the UK and Europe, excluding Germany, in November 2024. The platform integrates with MoonPay's partner network, including collaborators like Phantom, MetaMask, Uniswap, and Bitcoin.com, providing a consistent experience for users across the ecosystem.
MoonPay Balance currently supports SEPA, Faster Payments, Open Banking, and ACH, with payment options like Wire and RTP being in development. The company aims to further improve this solution for user convenience.
With this launch, MoonPay’s vision is to bridge the gap between crypto and fiat, offering a familiar experience for users used to the decentralised financial space.
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