MoonPay, a leading crypto payment platform, has introduced a new product called MoonPay Balance, designed to facilitate easy fiat spending on decentralized finance (DeFi) platforms. This innovative tool allows users to store traditional currencies—such as British pounds (GBP) and euros (EUR)—within their accounts and make payments directly from their non-custodial wallets, bypassing the need for third-party exchanges or intermediaries.
The new service is integrated with popular wallets like MetaMask, Phantom, and Bitcoin.com, offering users the convenience of managing their fiat balances alongside their cryptocurrency holdings. By enabling direct payments from wallets, MoonPay Balance gives users greater control over their funds and eliminates the friction typically associated with traditional financial services.
Currently available to users in the UK and across most European countries (excluding Germany), MoonPay Balance supports various payment methods including SEPA, Faster Payments, and Open Banking. The service allows for seamless deposits and withdrawals in GBP and EUR, with plans to extend support for additional currencies, including U.S. dollars (USD) via ACH for American users.
In a major selling point for users, MoonPay promises zero fees for deposits, withdrawals, or transactions, although partner fees may apply depending on the specific service or transaction. The tool also features high approval rates, minimizing issues such as declined card payments or blocked bank accounts—common challenges faced by users of traditional payment systems.
MoonPay CEO Ivan Soto-Wright emphasized that MoonPay Balance is more than just a payment solution—it represents a significant step toward a new era of financial freedom, offering faster, cheaper, and more reliable transactions compared to conventional platforms.
With a focus on instant payments and low transaction costs, the new service is positioned to disrupt the fiat-to-crypto payment landscape, with plans to expand into the U.S. market in the near future.
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