MoonPay has launched a new payment tool called “MoonPay Balance”, a solution that allows users to store and spend fiat money (like euros and British pounds) while using decentralized finance (DeFi) platforms.
MoonPay Balance works by allowing users to store fiat balances in their accounts and make payments directly from their non-custodial wallets. This means users can spend money directly from their wallets without needing third-party exchanges or services, giving users full control of their money. The solution is integrated with MetaMask, Phantom, and Bitcoin.com wallet.
Source: X
The service supports a variety of payment methods, including SEPA, Faster Payments, and Open Banking. Right now, users in the UK and Europe can use GBP and EUR, with plans to add more currencies and payment options like ACH for U.S. users.
According to MoonPay, the service charges zero fees for deposits, withdrawals, or transactions. However, partner fees may apply depending on the specific service or transaction.
The solution also boasts high approval rates, eliminating issues like declined card payments or blocked bank accounts. This service is now available in the UK and most European countries, except Germany. MoonPay plans to expand it to the U.S. soon.
According to CEO Ivan Soto-Wright, MoonPay Balance is designed to be fast, with instant payments and lower transaction fees compared to traditional platforms.
“MoonPay Balance is more than just a payment solution; it’s a catalyst for a new era of financial freedom,” he said
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