MoonPay, a prominent figure in the cryptocurrency payment space, has unveiled MoonPay Deposits, a cutting-edge solution designed to streamline the process of funding applications using cryptocurrency from existing wallets. This innovative service is capable of facilitating transactions involving any token or blockchain, enabling users to select their preferred asset for transfer. Behind the scenes, MoonPay manages all technical aspects of swapping, bridging, and cross-chain routing to ensure users receive their funds in the desired asset seamlessly.
The debut of MoonPay Deposits is notable for its integration with the self-custodial TON Wallet, which is part of Telegram’s dual-wallet ecosystem. This integration opens up new funding opportunities for an extensive user base, as it allows for easy transfers of cryptocurrency held across various networks, automatically converting those assets into tokens supported by the platform.
In the often complicated realm of cryptocurrency transactions, users frequently face challenges in ensuring transaction details are accurate—sending the incorrect asset or using the wrong network can lead to failed transactions or, worse, lost funds. However, with MoonPay Deposits, this friction is alleviated. The solution takes care of compatibility, routing, and delivery, ensuring that funds arrive at their designated wallets correctly and safely.
Ivan Soto-Wright, co-founder and CEO of MoonPay, emphasized the importance of simplifying the user experience. “Users shouldn’t have to buy new assets or navigate complex steps just to fund an account. We simplify the process by letting people use the crypto they already have,” he stated. This positions MoonPay as a facilitator of easier value transfer across the crypto ecosystem, enhancing access to a broader array of applications.
With the launch of this service, over 100 million users can now easily fund their TON Wallet with cryptocurrency from other networks, eliminating the previous need to possess TON assets upfront. By enabling users to convert various digital assets—including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and stablecoins—directly into the tokens supported by the platform, MoonPay significantly reduces the hurdles to entry for new users.
Andrew Rogozov, founder and CEO of The Open Platform and Wallet in Telegram, commented on the impact of this integration, stating, “One of the biggest challenges in crypto adoption is the first step – getting users funded and ready to participate. Now, we’re removing that barrier entirely.” Users can bring their funds into TON Wallet from other networks without engaging in complicated conversions or exchanges.
The process for funding an account through MoonPay Deposits is straightforward:
1. Open the TON Wallet and tap “Deposit,” selecting either Stablecoins or Other Crypto options.
2. Choose the token to convert and the network from which to send it, initiating the creation of a wallet address.
3. Copy the deposit address or scan the provided QR code.
4. Paste the address into the user’s wallet or exchange withdrawal page.
5. Enter the desired transfer amount while ensuring it meets the minimum requirement.
6. Review the details and confirm the transfer.
Once the steps are completed, MoonPay manages any necessary swaps and cross-chain routing, crediting users in their selected cryptocurrency and routing funds accordingly.
MoonPay, established in 2019, has made a name for itself as a global financial technology company, facilitating seamless value transfer between fiat and digital assets. With a client base that spans 30 million customers across 180 countries and over 500 enterprise clients in the crypto and fintech sectors, MoonPay offers comprehensive services through a single integration.
In tandem, Wallet in Telegram serves as a native digital asset solution embedded in the Telegram app, boasting over 150 million registered users. This platform has introduced a dual-wallet setup, including a multi-chain Crypto Wallet for trading and sending assets, alongside the TON Wallet for self-custody of digital assets made accessible within the TON ecosystem.
For more details about MoonPay Deposits, interested parties can visit moonpay.com/business/deposits.
