In a significant development for cryptocurrency enthusiasts, MoonPay has unveiled a new feature called “Balance” in partnership with Bitcoin.com, heralding a shift towards more efficient and user-friendly crypto trading. This innovative functionality enables users to hold fiat balances within the Bitcoin.com app, leveraging MoonPay’s white-label Embedded Balance solution to enhance the overall trading experience.
Users based in the United States, European Union, and the United Kingdom can now fund, store, and utilize their fiat balances seamlessly to buy and sell cryptocurrencies without incurring any MoonPay fees on purchases. This development aims to provide a trading experience comparable to that of leading fintech platforms while preserving the advantages associated with a self-custodial crypto setup.
Corbin Fraser, CEO of Bitcoin.com, emphasized the transformative potential of embedded balances, noting, “This major leap is part of our mission to make crypto accessible and usable for everyone.” Fraser highlighted that the collaboration with MoonPay equips users with a faster, more affordable, and reliable means to conduct crypto transactions, all while retaining custody of their assets—a significant distinction from conventional centralized exchanges.
Ivan Soto-Wright, CEO of MoonPay, reflected on the partnership, stating, “Bitcoin.com was MoonPay’s very first partner, so it’s only fitting that they are the first to launch our new Embedded Balance solution.” He asserted that this collaboration sets a new benchmark within the industry, ensuring that self-custodial trading becomes faster and more accessible on a global scale.
Traditionally, acquiring cryptocurrency has relied heavily on credit card payments or bank transfers, which can involve hefty fees and extended processing times. However, the Bitcoin.com Balance feature allows users to pre-fund their fiat balance through various payment methods, including ACH transfers, PayPal, and Venmo, contingent on their region. This pre-funding capability effectively minimizes typical transaction issues, allowing for rapid purchases of crypto assets.
With the new process, users can not only buy cryptocurrency instantly but can also sell their crypto back into their balance, withdraw funds to a bank account, or utilize their balance for future transactions—all from a single, integrated interface.
Key benefits associated with the Embedded Balance feature include:
– No MoonPay fees for crypto purchases, aside from applicable ecosystem and network fees
– Instant transactions ensuring quick buy and sell capabilities
– Near-perfect success rates on crypto orders
– Flexible top-up options that vary by region, catering to diverse user preferences
Getting started with this new feature is straightforward. Users simply open the Bitcoin.com app, navigate to the Balances section, select “Top Up,” choose an appropriate payment method, and input their desired amount. Typically, funds are available within minutes, allowing users to engage in instant crypto purchases or withdraw to their bank accounts at their convenience.
As of now, the Bitcoin.com Balance feature is operational in the U.S., EU, and UK, with plans for expansion into additional regions as both Bitcoin.com and MoonPay aim to broaden access to smooth and efficient cryptocurrency trading.
