PayPal has collaborated with the cryptocurrency payment processor MoonPay to enable the purchase of Shiba Inu tokens within its platform. This partnership marks a significant step towards simplifying the transaction process from fiat currencies to cryptocurrencies such as Shiba Inu.
As part of this integration, PayPal account holders in the United States now have the facility to buy SHIB and other digital currencies directly using MoonPay. This service leverages their existing PayPal balances or linked debit cards and bank accounts for payments. Significantly, this feature removes the need for users to enter payment details manually during transactions.
Moreover, this development addresses the long-standing demand from the Shiba Inu community for PayPal to support SHIB transactions. Now, U.S. residents can effortlessly acquire SHIB tokens using PayPal, enhancing the accessibility and convenience of cryptocurrency transactions.
Additionally, it’s important to note that while MoonPay supports over 110 different cryptocurrencies, not all of them are currently available for purchase through PayPal due to regional restrictions in the U.S. Cryptocurrencies such as PEPE, BNB, Cosmos, AAVE, UNI, and TON remain inaccessible to U.S. users via PayPal.
Looking forward, MoonPay has revealed plans to soon allow U.S. customers to sell cryptocurrencies using PayPal as well. This expansion is expected to roll out to MoonPay’s partner networks by the end of the year. The company also aims to extend these services to users in the UK and the EU.
In a related development, the Shiba Inu network’s layer-2 solution, Shibarium, has completed a hard fork. This update introduces faster transactions and more predictable gas fees, emphasizing the network’s responsiveness to community feedback. The upgrade aims to enhance the platform’s security and overall user experience, making it more robust and user-friendly.
This strategic move by PayPal and MoonPay not only broadens the scope of cryptocurrency transactions for users but also signals the growing mainstream acceptance of digital currencies. It underscores a significant trend towards integrating traditional payment systems with the growing digital currency space, thereby facilitating a smoother transition and wider adoption of cryptocurrencies.
As of press time, Shiba Inu is exchanging hands at $0.00002290, up 3.80% in the past 24 hours. Despite the bullish outlook, SHIB remains bearish on the daily and monthly charts, recording a decline of 10% and 15%, respectively. The market capitalization and the trading volume stands at $13.5 billion and $695.90 million, respectively.
