Cryptocurrency partnerships are continuing to have a significant impact in the market, even after the fourth halving event. Despite still being in its early stages, companies are competing to establish their positions. One such partnership that has recently been announced is between PayPal, one of the world’s largest fintech companies, and MoonPay, a cryptocurrency-focused platform.
The partnership between MoonPay and PayPal will enable individuals in the US to seamlessly purchase cryptocurrencies through MoonPay using PayPal. This can be done through wallet transfers, bank transfers, and bank cards. PayPal, with over 426 million active accounts worldwide, and MoonPay, with more than 15 million users, see this partnership as a symbiotic relationship.
MoonPay’s co-founder and CEO, Ivan Soto-Wright, emphasized that their application provides easy access to cryptocurrencies and highlighted that PayPal’s scope will now cover all popular tokens, not just a limited number of major cryptocurrencies. This partnership goes beyond a simple integration like PayPal’s previous partnership with the Web3 wallet MetaMask, as PayPal will be embedded within MoonPay’s infrastructure.
In addition to the exciting partnership news, investors are also closely watching the price of Bitcoin (BTC). After rising to $59,600 following an interest rate decision, BTC experienced a drop back to $56,500. At the time of writing, BTC is trading at around $58,400. Its market cap has reached $1.15 trillion, but its trading volume has decreased by 10% to $40 billion.
It is important to note that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.