MoonPay Acquires Money Transmitter License in the US

Divya  |  Jul 22, 2021

MoonPay, a crypto payment infrastructure company, has acquired a money transmitter license across the United States. In a bid to bolster its commitment to regulatory compliance, MoonPay has secured 16 money transmitter licenses, which are required for companies providing buy and sell services and independent offerings to customers in the U.S.

MoonPay Obtains Money Transmitter License

As of yesterday, MoonPay has licenses in 16 states including Arizona, Florida, Delaware, Michigan, Iowa, and Maryland. The company has also received an exemption in Massachusetts and Wisconsin and submitted an additional 26 applications for licenses.

For MoonPay, these permissions reinforce its commitment to complying with laws that regulate the market segments in which the company operates.

We are here to build a business for the long-term and as part of this journey we are committed to upholding the highest standards of global regulatory compliance. The progress we have made so far in the United States is testament to this commitment,” said Ivan Soto-Wright, MoonPay’s co-founder, and CEO.

MoonPay is currently active in over 160 countries and has lent payment support to more than 250 wallets, websites, and applications. The company intends to gather all necessary permissions in applicable American states by 2022.

Polygon’s MATIC Now Available for Purchase on MoonPay

Users on MoonPay can now buy Polygon’s MATIC tokens with fiat currencies. The option will be available to the platform’s users throughout the world, making it the first-ever US fiat on-ramp to the Polygon network.

Polygon is a blockchain scalability platform that provides infrastructure for building interlinked blockchain networks. The protocol was created to counter some of Ethereum’s most glaring issues, such as high gas prices and low throughput. Moreover, Polygon is regarded as superior to Ethereum in certain aspects because it makes transactions cheaper, faster, and more secure while leveraging the network’s ecosystem.

Explaining the significance of MATIC’s inclusion, Soto-Wright said, “Our support for Polygon creates a whole new way of providing accessibility to the MATIC tokens for millions of users. And we’re thrilled to have enabled this access in the U.S. for the first time ever.”

With MATIC’s integration, MoonPay users would have access to MATIC ETH, MATIC USDC, and native MATIC token, all of which can be bought using fiat money through various payment methods such as digital wallets and credit and debit cards. Users will also have the opportunity to explore decentralized apps(DApps) and NFT (non-fungible token) marketplaces on the Polygon network.

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