Moonpay introduces fiat payment solution for non-custodial wallets in 27 countries
Moonpay introduces fiat payment solution for non-custodial wallets in 27 countries
In a move that could deepen the adoption of cryptocurrency and self-custodial finance, MoonPay has unveiled MoonPay Balance, a payment solution designed to allow users to hold and spend fiat balances, such as euros and British pounds, directly in their non-custodial wallets. The service, launched on November 13, marks a significant step toward making cryptocurrencies like Bitcoin and fiat currencies more accessible and interchangeable in everyday transactions.
Available in the United Kingdom and 26 other European nations, MoonPay Balance facilitates easy deposits and withdrawals for fiat currencies in euros and pounds. Users can access MoonPay Balance through non-custodial wallets, such as MetaMask, Phantom, and Bitcoin.com Wallet. By eliminating fees for depositing, withdrawing, buying, and selling, MoonPay intends to remove friction from transactions, although partner institutions may apply their own fees. Supported payment methods at launch include SEPA (Single Euro Payments Area) payments, Faster Payments, and Open Banking, enhancing its utility for European users.
Looking Forward: self-custodial wallets as the “Primary Bank Accounts” of the future
MoonPay’s CEO Ivan Soto-Wright envisions a future where self-custodial wallets serve as “primary bank accounts” for users, allowing them to independently control both crypto and fiat balances. This development is a part of the broader push for self-custody in crypto—a practice that ensures users retain control of their assets without relying on third-party custodians. Such solutions respond to growing demands for financial independence and privacy in the crypto community, where self-custody of Bitcoin and other assets is highly valued.
As more payment options integrate into self-custodial systems like MoonPay Balance, industry observers will be watching whether mainstream adoption of decentralized finance (DeFi) will grow, potentially reshaping personal finance. With additional expansion and adoption on the horizon, MoonPay’s new offering might be an early indicator of self-custodial wallets’ rising role in the financial ecosystem.
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