Shiba Inu, the popular dog-themed cryptocurrency, has secured a new partnership with PayPal, a leading multinational financial tech company.
Based on the details of the new partnership, PayPal users in the United States can now purchase Shiba Inu coins through MoonPay, a crypto payment platform.
This development not only expands the avenues of adoption but also has the potential to influence the Shiba Inu coin price positively.
Partnership Details and Implications for Shiba Inu
MoonPay has recently revealed that it has integrated with PayPal, introducing a new feature that allows for simple fiat-to-crypto transactions for US-based users.
This partnership is a significant achievement in the promotion of cryptocurrency accessibility within the US market.
With the assistance of MoonPay's services, PayPal users can now conveniently access a variety of crypto assets, including Shiba Inu, thereby expanding the market to millions of prospective investors in all 50 states.
The partnership between Shiba Inu and PayPal represents a step toward mainstream token adoption.
With increased exposure through PayPal's high user base, Shiba Inu might attract new investors, potentially driving up its market value.
Following the announcement, the price of Shiba Inu experienced a notable surge, indicating strong market enthusiasm and investor interest in the cryptocurrency.
"Exciting news from MoonPay! Today, we're thrilled to announce a game-changing integration: MoonPay has partnered with @PayPal to offer seamless fiat-to-crypto transactions for users in the U.S.!" MoonPay disclosed this on X, handle (formerly Twitter).
🌙 Exciting news from MoonPay! 💳
— MoonPay 🟣 (@moonpay) May 2, 2024
Today, we're thrilled to announce a game-changing integration: MoonPay has partnered with @PayPal to offer seamless fiat-to-crypto transactions for users in the U.S.!
🧵👇 pic.twitter.com/N3kobMR2ru
Impact on Shiba Inu Coin Price
After news of the partnership broke, Shiba Inu's price saw a considerable increase, rising from $0.000022 to $0.000023, which is an increase of 7.72% within a day.
Currently, the price stands at $0.000023 with a 24-hour trading volume of $464,201,620, according to CoinMarketCap.
These developments show the impact of partnerships on cryptocurrency markets, particularly with established platforms like PayPal.
MoonPay has explained an easy way for PayPal users to get different cryptocurrencies.
"Yeah, so at MoonPay, we're trying to onboard the world to crypto. And so, for us, we're constantly looking at new payment methods and new geographies we can expand into. And for us, PayPal was a natural fit. Four hundred twenty-six million customers who are inside of PayPal can now use their balances and their debit cards that are saved on the platform, and frictionlessly use PayPal inside of MoonPay to top up their favorite wallet," said MoonPay's co-founder and CEO Ivan Soto-Wright.
Furthermore, New MoonPay users with a PayPal account can efficiently conduct fiat-to-crypto transactions online, using various funding options such as direct bank withdrawals, PayPal balance, and debit cards.
MoonPay's Strategic Vision and Future Plans
In addition to Shiba Inu, MoonPay will offer PayPal users access to other major cryptocurrencies, such as Solana (SOL), Ethereum (ETH), Dogecoin (DOGE), and Bitcoin (BTC).
This wide range of choices aligns with MoonPay's commitment to providing flexible payment methods to a wide variety of crypto assets for easy onboarding and transactional speed to enhance user experience and accessibility.
More so, MoonPay plans to expand its partnership networks by integrating PayPal into its ecosystem in the third quarter of 2024. This integration aims further to boost the adoption of cryptocurrencies like Shiba Inu, potentially driving up the token's value.