MoonPay, a prominent American crypto platform, has officially launched a new feature designed to simplify the process of sending cryptocurrency, which they have dubbed “MoonTags.” This innovative addition aims to make the transfer of crypto assets as effortless as sending a text message.
In a recent blog post, MoonPay emphasized the need for a more user-friendly approach to crypto transactions, highlighting that the current process is often deemed overly technical. Traditional methods typically involve several steps, including navigating a blockchain explorer, validating a lengthy alphanumeric wallet address, selecting the appropriate blockchain, and copying and pasting the address. This meticulous approach can be tedious and requires users to meticulously double-check the wallet address before confirming any transfers, as crypto transactions are irreversible and genuine care must be taken to avoid losses or potential scams.
With the introduction of MoonTags, MoonPay aims to change this by allowing users to send and request crypto using unique, customizable identifiers similar to social media handles. This feature reduces the complexity of managing multiple wallets, enabling users to conduct transactions across various chains quickly and easily. “Transferring crypto shouldn’t feel like a technical process,” noted Ivan Soto-Wright, the CEO and co-founder of MoonPay. He added that MoonTags eliminate the uncertainty associated with sending and receiving funds, transforming crypto transfers into an experience that feels as intuitive as modern payment systems.
Each user on MoonPay is assigned a unique MoonTag by default, with the option to modify their handle at any time. Executing transactions becomes straightforward; users merely need to search for the desired MoonTag, select the type of cryptocurrency, and press send. Additionally, users can append a short message to their transactions, adding a personal touch.
This new functionality also facilitates international transfers, positioning MoonTags as a competitive alternative to traditional remittance services like Western Union and Wise, all while maintaining significantly lower fees. Given that cryptocurrencies operate across borders, MoonTags are expected to enhance global adoption of digital currencies.
Users will only be responsible for network fees when sending cryptocurrency via MoonPay. There will be additional charges for swapping or sending coins across various chains related to MoonPay’s decentralized finance (DeFi) services. The platform is fully licensed and registered in the United States, in addition to being regulated in various other regions, including the United Kingdom, the Eurozone, Canada, and Australia. Users from jurisdictions outside these regions can purchase their initial crypto using debit or credit cards.
However, it’s important to note that at this stage, MoonTags are not available for cross-chain transactions or swaps within New York and European Union countries.
MoonPay continues to experience remarkable growth, boasting a user base exceeding 30 million and providing essential crypto infrastructure to around 500 companies and decentralized platforms. The broad rollout of MoonTags may further accelerate MoonPay’s expanding footprint in the crypto landscape.
