MoonPay, a leader in cryptocurrency solutions, has introduced MoonPay Balance, a self-custodial payment solution aimed at making crypto spending and fiat transactions seamless. Announced on November 13, this innovation enables users to hold and spend fiat currencies directly from their wallets, bridging traditional finance with decentralized finance (DeFi) in a user-friendly way.
Expanding Access with Fiat Options in Self-Custodial Wallets
With MoonPay Balance, users can store and spend euros and British pounds through non-custodial wallets like MetaMask, Phantom, and Bitcoin.com. Initially available in the UK and 27 European countries, this service enhances users’ flexibility to manage fiat balances alongside cryptocurrencies. This rollout highlights MoonPay’s focus on making crypto solutions practical for everyday use, particularly as it eyes eventual expansion to the United States.
Seamless Integration Across Europe
MoonPay Balance offers integration with local banking systems, supporting payments via Single Euro Payments Area (SEPA), Faster Payments, and Open Banking. This service is available across major European markets, including France, Italy, Denmark, and Finland. The emphasis on easy banking integration ensures users can switch between traditional finance and crypto with minimal friction.
Zero Fees for Deposits and Withdrawals
To attract more users, MoonPay has introduced a zero-fee policy for deposits, withdrawals, purchases, and sales of fiat balances through MoonPay Balance. However, some fees may apply through partner services depending on specific transactions.
The Future of Self-Custodial Wallets as Bank Accounts
MoonPay’s MoonPay Balance signals a future where self-custodial wallets could serve as primary bank accounts. Ivan Soto-Wright, co-founder and CEO of MoonPay, envisions users gaining financial independence with crypto wallets that combine the security and functionality of traditional banking with the flexibility of DeFi. “Non-custodial crypto wallets could soon become users’ primary accounts,” he remarked, reinforcing MoonPay’s commitment to empowering users with secure, self-custodial financial options.
Pioneering Collaborations with Traditional Finance
MoonPay Balance builds on MoonPay’s strategy to integrate DeFi with mainstream finance. Earlier this year, MoonPay partnered with PayPal to introduce fiat on-ramps in the U.S., followed by an extension to the EU and UK. These partnerships simplify fiat-to-crypto transactions and underscore MoonPay’s dedication to making cryptocurrencies more accessible.
A Look to the Future of Decentralized Finance
As the world transitions to digital finance, tools like MoonPay Balance enable users to manage crypto assets without custodial restrictions, embodying the principles of transparency and financial sovereignty. MoonPay plans to expand payment methods, such as ACH transactions for U.S. customers, broadening access to decentralized finance for more people globally.
A Step Closer to a Decentralized Financial Future
With MoonPay Balance, MoonPay positions itself as a crucial player in bridging TradFi and DeFi, providing users with a flexible, self-custodial solution for everyday transactions. As integrations with traditional and decentralized finance continue, MoonPay’s innovations could redefine crypto wallets, transforming them into the bank accounts of the future.
