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    MoonPay introduces MoonPay Balance for storing and spending fiat currencies through self-custodial wallets

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    Cryptocurrency firm MoonPay has launched a new feature, MoonPay Balance, enabling customers to store and spend traditional ‘fiat’ currencies from self-custodial wallets. Initially available in the UK and most European countries, it supports SEPA, Faster Payments and Open Banking. Users can’t currently top up with crypto but can convert crypto into euros or pounds to increase their balance. The tool is free to use, although partner fees may apply. The company sees crypto wallets ultimately acting as bank accounts and is working to simplify handling of digital and traditional currencies.

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    MoonPay, a big player in the world of cryptocurrency, has just stepped up its game. They’ve rolled out a cool new feature, MoonPay Balance, to make it even easier for you to manage and spend your own money using their platform.

    Essentially, MoonPay Balance lets you store and spend your regular ‘fiat’ money (like euros and pounds) on the MoonPay platform and easily tap into the world of decentralized finance or DeFi. You can spend the balance straight from your own wallets like MetaMask, Phantom and Bitcoin.com. If you’re not sure what a self-custodial wallet is, think of it as a digital piggy bank where you fully control your own crypto coins.

    When MoonPay Balance first launches, users in the UK and most countries in Europe, except Germany, will be able to use it. This new feature will support different ways of payment including SEPA payments, Faster Payments and Open Banking payments. If you’re in the US, don’t worry. MoonPay is working hard to add more payment options for you too.

    Although you can’t top up your balance with crypto just yet, you can swap your crypto into euros or pounds, and use that to top up your MoonPay Balance. Plus, MoonPay won’t charge you any fees for depositing, withdrawing, buying or selling. But keep in mind, some of their partners might charge fees based on your transaction or service.

    Looking forward, MoonPay Co-founder and CEO, Ivan Soto-Wright, believes that your own crypto wallets can serve as your main bank accounts. This new feature brings you one step closer to that vision. It’s designed to give you total control over your digital assets without sacrificing convenience or user experience.

    MoonPay’s latest move follows a series of collaborations with major traditional finance firms, including PayPal. In fact, earlier this year they enabled PayPal features for customers in Europe and the US. With their new update, they continue to simplify the way we handle money and digital currency.

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