Crypto payments firm MoonPay has unveiled a new feature designed to streamline peer-to-peer cryptocurrency transactions, known as MoonTags. This innovative tool enables users to transfer cryptocurrency with the ease of sending a text message, using a unique, personalized identifier akin to a social media handle.
The introduction of MoonTags eliminates the often cumbersome task of copying lengthy wallet addresses or selecting different blockchains, thereby simplifying the process for users. MoonPay’s CEO and co-founder, Ivan Soto-Wright, emphasized the need for a more intuitive approach to cryptocurrency transfers, stating that “transferring crypto shouldn’t feel like a technical process.” He added that MoonTags remove the guesswork, making the movement of funds feel as natural as contemporary payment experiences.
Upon creating an account, each user is assigned a customized default MoonTag. To facilitate transactions, users merely need to search for the desired MoonTag, input the amount they wish to send or request, and optionally add a message before finalizing the transaction.
MoonPay offers a comprehensive suite of services, enabling users to buy, sell, and trade cryptocurrencies through commonly used payment methods. The firm claims a customer base of nearly 30 million and supports the operational infrastructure of around 500 companies within the decentralized economy. MoonPay operates under full licensing in the United States and is regulated in various international markets, including the UK, EU, Canada, and Australia.
In June, MoonPay expanded its footprint by receiving a BitLicense along with money transmitter licenses from the New York State Department of Financial Services (NYDFS), thus allowing its services to reach New York residents. This authorization enables New Yorkers to engage with MoonPay’s fiat-to-crypto services, which include buying and selling cryptocurrencies, as well as utilizing the newly introduced MoonPay Balance feature.
