In a significant move to enhance cryptocurrency transactions, MoonPay has launched MoonPay Deposits, a new solution designed to simplify the process of funding applications with crypto from existing wallets, irrespective of the token or blockchain used. This innovative service allows users to select a token for transfer, while MoonPay expertly manages the complexities of swapping, bridging, and cross-chain routing in the background. The result is a seamless transfer of the intended asset directly into the user’s preferred wallet.
The launch of MoonPay Deposits coincides with its integration into the self-custodial TON Wallet, which is part of Telegram’s unique dual-wallet setup. This integration means users can now easily fund their TON Wallets with cryptocurrencies held on other networks. The service serves to streamline transactions, addressing common issues users face, such as entering incorrect transaction details that could result in lost funds or failed attempts at transfers.
Ivan Soto-Wright, co-founder and CEO of MoonPay, emphasized the importance of user experience in the crypto space, stating, “Users shouldn’t have to buy new assets or navigate complex steps just to fund an account.” He noted that by allowing users to utilize the cryptocurrencies they already possess, MoonPay simplifies the entire transaction process, thus facilitating value movement across the ecosystem and enabling access to a wider array of applications.
Fully operated on MoonPay’s infrastructure, the new solution offers an end-to-end experience, from detecting deposits to delivering final assets. It integrates seamlessly into partner environments, ensuring a smooth operation for all users. With this capability, over 100 million users can now fund their TON Wallets using a range of cryptocurrencies, including BTC, ETH, and stablecoins. The platform automatically converts assets into the tokens supported by TON, significantly reducing the barriers for newcomers looking to engage with the Telegram ecosystem.
Andrew Rogozov, founder and CEO of The Open Platform and Wallet in Telegram, highlighted the fundamental challenges associated with crypto adoption, particularly the initial step of getting users funded. “Now, we’re removing that barrier entirely,” he remarked. This crucial update allows users to bring funds directly into the TON Wallet from various networks without facing unnecessary conversions or complications, thereby simplifying the process akin to using custodial wallets while preserving the self-custody approach.
The functionality of MoonPay Deposits is straightforward:
1. Open the TON Wallet and select the “Deposit” option.
2. Choose between Stablecoins or Other Crypto options.
3. Select the token and network for the transfer, which generates a wallet address.
4. Users can either copy the address or scan the provided QR code.
5. Paste the address into the relevant wallet or exchange withdrawal page.
6. Enter the amount, ensuring it meets the minimum requirement, then review and confirm the transfer.
Once these steps are completed, MoonPay handles any necessary swaps and cross-chain routing efficiently, crediting the user with their desired cryptocurrency and automatically sending the funds to their specified destination wallet. This enhancement not only improves user experience but also signifies a pivotal step toward advancing cryptocurrency accessibility within the Telegram ecosystem.
