MoonPay has officially introduced a new product, MoonPay Deposits, aimed at simplifying the process of wallet-to-wallet cryptocurrency transfers. The innovative service is designed to automate swaps, bridging, and cross-chain routing, allowing users to fund applications with cryptocurrency directly from their existing wallets, irrespective of the blockchain or token they currently possess.
With MoonPay Deposits, users can avoid the cumbersome task of manually selecting the correct asset and network. Instead, they can send supported cryptocurrencies and receive their final balance in their preferred asset seamlessly. This enhancement addresses significant friction points for users who previously faced challenges in entering and exiting the TON ecosystem, especially those who were required to hold assets on the TON blockchain to fund their TON Wallet accounts.
Currently, MoonPay Deposits is accessible within the self-custodial TON Wallet, which is part of Telegram’s dual-wallet system. This integration will provide over 100 million users with a new streamlined method for transferring funds into the Telegram-based ecosystem.
CEO and co-founder Ivan Soto-Wright emphasized the importance of user convenience, stating, “Users shouldn’t have to buy new assets or navigate complex steps just to fund an account.” He highlighted that this product allows individuals to utilize the cryptocurrencies they already have, significantly easing the entry process into the TON environment.
Notably, users can now send Bitcoin and other cryptocurrencies from external networks. MoonPay will automatically convert these assets into TON or other supported tokens, enabling an effortless transfer process. Andrew Rogozov, founder and CEO of The Open Platform and Wallet in Telegram, noted that the objective of this feature is to ensure that moving in and out of the TON ecosystem feels as straightforward as using a custodial wallet, while still granting users self-custody of their assets.
The operational backbone of MoonPay Deposits is entirely based on MoonPay’s own infrastructure, allowing for a native integration that supports deposits from initial detection to final asset delivery. Users can directly access this service via the TON Wallet by selecting a deposit option, choosing their desired token and network for the transfer, and sending funds to a generated address. Following this process, MoonPay manages all routing complexities and credits the user with the correct asset.
In a related development, the Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, has reportedly been in discussions to invest in MoonPay. This potential funding round is anticipated to value MoonPay at approximately $5 billion, a notable increase from its previous valuation of $3.4 billion. Recently, MoonPay has reinforced its regulatory foundation by acquiring a Limited Purpose Trust Charter from the New York Department of Financial Services, in addition to its existing BitLicense. Furthermore, the company announced that Caroline Pham, the Acting Chair of the Commodity Futures Trading Commission (CFTC), will join MoonPay as the chief legal and administrative officer.
