KEY FACT: MoonPay recently launched "MoonPay Balance," a tool designed to support self-custodial crypto spending, as well as enable users to hold and spend fiat funds through integrations with wallets like MetaMask, Phantom, and Bitcoin.com. Initially available in Europe and the UK, this solution will allow deposits and withdrawals in euros and pounds, with future plans to expand to the U.S. and integrate ACH for American users. This innovation supports payment methods like SEPA and Faster Payments, aiming to bridge traditional finance with decentralized finance by enabling seamless, fee-free fiat transactions.
Image Source: MoonPay/X
MoonPay Launches Self-Custodial Solution for Crypto Spending
MoonPay, a popular fintech firm specializing in crypto payments, has launched "MoonPay Balance," a tool to enhance self-custodial crypto spending. The new payment tool announced on November 13, will enable users to store and spend fiat balances on MoonPay and use it as an entry point to interact with decentralized finance (DeFi).
Welcome to a new era of financial freedom with MoonPay Balance!
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Your fiat. Your crypto. Together. Source
Self-custody has become increasingly important as users seek to hold and control their own funds directly without relying on third-party custodians. MoonPay Balance meets this demand by allowing users to securely deposit and spend fiat currency through popular self-custodial crypto wallets like MetaMask, Phantom, and Bitcoin.com. This setup will enable seamless, fee-free transactions for users who prefer to maintain control over their funds within a decentralized environment.
MoonPay Balance's initial rollout supports users in the United Kingdom and Europe, with euro and pound sterling deposits and withdrawals. This regional availability is designed to cater to European users who are often at the forefront of DeFi adoption. For payment processing, MoonPay leverages established systems like SEPA (Single Euro Payments Area) for euro transactions and Faster Payments for pounds, ensuring that users have access to familiar and reliable channels.
The company has also outlined plans to expand into the United States in 2024. For American users, MoonPay aims to integrate Automated Clearing House (ACH) payments, a network often used for U.S.-based electronic transactions. This expansion highlights MoonPay’s intent to deliver a globally accessible self-custodial finance tool, addressing user demand across major crypto markets.
MoonPay Balance's launch could help pave the way for greater crypto adoption, particularly in regions that have been historically supportive of digital currencies and decentralized finance. The service’s integration with leading wallets like MetaMask, Phantom, and Bitcoin.com reflects its emphasis on security and user experience, catering to seasoned crypto enthusiasts and newcomers alike.
The process of depositing and withdrawing from MoonPay Balance. Source: MoonPay
MoonPay co-founder and CEO Ivan Soto-Wright has noted that MoonPay Balance bridges a key gap in the decentralized ecosystem, giving users the freedom to manage their crypto in non-custodial wallets. He added:
“In the future, users can expect their non-custodial crypto wallets to serve as their primary bank accounts,” ...“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.”
Through this self-custodial approach, MoonPay provides crypto users with greater financial sovereignty, a fundamental principle of the decentralized finance movement. This development will also significantly bridge the gap between decentralized finance (DeFi) and traditional financial systems.
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