MoonPay has introduced MoonPay Balance, a new solution that allows users to retain and spend fiat currencies directly within non-custodial wallets. Beginning on November 13, the service offers deposits and withdrawals in euros and British pounds to users in the United Kingdom and 26 other European nations. MoonPay wants to seamlessly and user-friendly close the gap between fiat and cryptocurrencies by working with non-custodial wallets such as MetaMask, Phantom, and Bitcoin.com.
Though some partner institutions may apply their own costs, users of MoonPay Balance can readily deposit, withdraw, purchase, and sell fiat currencies without paying transaction fees. Particularly helpful for European consumers, the service enables many payment options like SEPA (Single Euro Payments Area), Faster Payments, and Open Banking.
Ivan Soto-Wright, CEO of MoonPay, sees self-custodial wallets as the “primary bank accounts” of the future where consumers may independently handle both fiat and crypto assets. This idea supports a more general trend in distributed finance (DeFi), in which privacy and financial independence take front stage.
MoonPay intends to expand its services to the US and other nations in the near future, with a current focus on Europe and the UK. The launch of MoonPay Balance could potentially initiate a shift towards the widespread adoption of self-custodial wallets in everyday financial transactions, considering the increased range of payment options it offers.
