MoonPay, a crypto payment processor, announced that it has partnered with Mesh (website) to improve the process of depositing and transferring cryptocurrency from exchanges. This collaboration is intended to simplify entry points into cryptocurrency for users and enhance access to liquidity.
Definition of On-Ramp Providers
In the cryptocurrency ecosystem, an “on-ramp” provider is a service that allows users to convert fiat currency (traditional money like USD, EUR, etc.) into cryptocurrency. These services are essential as they provide the initial gateway for new users to enter the crypto market. MoonPay is an on-ramp provider offering a comprehensive solution facilitated by this partnership.
Partnership Details
The integration of Mesh’s API infrastructure with MoonPay’s fiat-to-crypto services aims to provide a solution that includes buying, selling, swapping, depositing, and transferring services. Users will be able to purchase cryptocurrency using both fiat currency and existing crypto from centralized exchanges such as Coinbase. This collaboration will enable digital asset deposits from over 300 platforms, expanding MoonPay’s payment options, which already include debit and credit cards, bank transfers, PayPal, Apple Pay, Google Pay, and specialized local payment methods.
Mesh’s exchange connections, including platforms like Coinbase, Kraken, and Binance, are expected to allow users to securely connect with their chosen centralized exchange through an embedded experience. This integration is designed to make the process of entering the crypto market more accessible and streamlined.
Fiat-to-crypto transactions help new users access and participate in the crypto ecosystem, which fuels the growth of the crypto economy and unlocks new use cases, financial products, and business models.
MoonPay co-founder and CEO, Ivan Soto-Wright
Company Backgrounds
Mesh, founded in 2020, has raised over USD 40 million in funding from investors such as Money Forward, Galaxy, Samsung Next, PayPal Ventures, and MoonPay Ventures. Notably, PayPal Ventures’ investment was made almost entirely in their native PYUSD stablecoin, demonstrating the financial solutions Mesh provides through its APIs. Mesh offers services, including deposits from exchanges and wallets, digital asset transfers, crypto payments, account aggregation, and trading within a unified platform.
MoonPay serves over 20 million people across more than 180 countries, providing end-to-end solutions for accessing the crypto economy. The company’s services and solutions have established it as a notable player in the crypto space.
PayRate42 Assessment
PayRate42 has assigned MoonPay an Orange Compliance rating and an Orange Risk rating. These ratings reflect MoonPay’s efforts in maintaining compliance standards and managing associated risks. For more information on MoonPay’s profile and its ratings, visit MoonPay’s profile on PayRate42.
The partnership between MoonPay and Mesh aims to facilitate a more efficient and secure way for users to interact with cryptocurrencies, potentially making it easier to enter the crypto market. As the crypto economy evolves, collaborations like this may play a role in improving user experience and access to digital assets.