According to a press statement, the agreement enables MoonPay users in the United States to easily purchase cryptocurrency with PayPal through wallet transfers, bank transfers, and debit card transactions.

The finance behemoth PayPal (PYPL) and cryptocurrency purchasing app MoonPay announced their partnership on Thursday.

According to a press statement, the agreement enables MoonPay users in the United States to easily purchase cryptocurrency with PayPal through wallet transfers, bank transfers, and debit card transactions.

Purchasing and dealing in cryptocurrency is a continuous endeavour that has not been enabled by the world's high street banks.

With over 15 million users, cryptocurrency-focused MoonPay is no slouch compared to PayPal's around 426 million active accounts worldwide.

Ivan Soto-Wright, co-founder and CEO of MoonPay, described the collaboration as "symbiotic."

because users of his app increase their reach and have a new flexible payment option, while PayPal’s limited range of major cryptocurrencies on offer is now extended to the full gamut of popular tokens.

Soto-Wright pointed out the partnership is not a single integration of the type the fintech giant has been exploring with the likes of Web3 wallet MetaMask, but rather PayPal coming embedded inside MoonPay’s infrastructure.

We are the first company to do this with PayPal, and it was a long process to get them comfortable,” Soto-Wright said in an interview.

“We process billions of dollars on debit and credit cards in terms of cryptocurrency, and we think this is going to be a big step up for us in terms of helping us reach more customers, people that may have had their card declined from one of their banks. Nobody’s fault; it’s just the banks; banks sometimes reject crypto companies.”