TL;DR
- MoonPay partners with Ripple to allow users to buy, manage, and store XRP easily within its app, facilitating cryptocurrency adoption.
- The collaboration aims to make crypto wallets as accessible as traditional bank accounts, simplifying the process for new users.
- RLUSD is introduced, a dollar-pegged stablecoin that will provide users with more options for managing their digital assets.
MoonPay has announced a collaboration with Ripple that will allow users of its app to buy, manage, and store XRP easily and directly.
The partnership seeks to facilitate cryptocurrency adoption, a goal that MoonPay CEO Ivan Soto-Wright considers essential for making crypto wallets as accessible as traditional bank accounts. Through this integration, the aim is to simplify the onboarding process for new users, allowing them to quickly add funds to their wallets.
ATTEN-HUT! 🫡
XRP ARMY ROLL CALL! 📢
In partnership with @Ripple, you can now buy, store, and manage your $XRP directly within your MoonPay account.
Whether you’re a new recruit or a loyal soldier, welcome home. pic.twitter.com/6kWvego7g1
— MoonPay 🟣 (@moonpay) October 16, 2024
A key aspect is the introduction of RLUSD, a dollar-pegged stablecoin created by Ripple in partnership with various financial platforms. With this stablecoin, MoonPay will offer its users more options for managing their digital assets, increasing the functionality and versatility of the app.
Soto-Wright explains that MoonPay has developed a “one-tap” process for its customers, facilitating transactions for those who have already completed the identity verification process known as Know Your Customer (KYC). This makes the buying and management of XRP faster while also improving the overall user experience. Although the initial onboarding may include steps such as biometric ID verification, this process is designed to make future transactions smoother.
MoonPay Seeks to Replicate PayPal’s Success
The CEO of MoonPay compares the company’s evolution to the early days of PayPal, where trust was built gradually despite initial challenges. With this focus on continuous improvement, the company aims to replicate that success in the crypto industry and prepare for broader use by 2025.
Additionally, Soto-Wright mentions that 2024 has been a key year for the growth of MoonPay’s products, as the company has decided to rebuild all of its products from scratch. This overhaul aims to ensure that the interface is functional and free of issues, similar to the experience offered by platforms like Apple Pay.
The partnership between both companies will be essential to enhance the simplification of buying and managing XRP while also reinforcing the widespread use of cryptocurrencies around the world.