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MoonPay is Focusing on Expansion Despite the Market Downtrend

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Moonpay, a Web3 infrastructure organization, and omnichannel giant Flowcode announced their partnership for the enhancement of the Web3 industry.

According to MoonPay, the strategic alliance will help in removing the problems and barriers responsible for the decline in the mass adoption of Web3.

Through their strategic partnership, MoonPay, and Flowcode will combine their product portfolios to provide a service that combines Flowcode’s geo-location conversion data, mobile-first landing pages, and custom-branded codes.

MoonPay’s current product portfolio consists of fiat on-ramps, crypto off-ramps, fiat purchasing of NFTs, institutional crypto off-ramps, minting infrastructure with HyperMint, and wallet creation.

MoonPay and Flowcode have previously collaborated on the launch of the HyperMint platform and MoonPay Passport, a Web3 loyalty program to connect Web3 to physical experiences at both NFTs.

MoonPay operates its business in more than 160 nations with millions of active users. At the time of the press, the company had partnerships with more than 500 companies.

Major Events of Moonpay

Trust Wallet joined forces with payment systems Ramp and MoonPay to facilitate easy conversion for customers. The partnership between both these will allow its users to exchange their crypto tokens for fiat.

Users who own more than 100 TWT are eligible for a discount upon withdrawal. Trust Wallet, in partnership with Ramp and MoonPay, claims to achieve the milestone of providing its users with access to their crypto holdings solely through their self-custody wallet, not relying on centralized entities.

Ongoing Events in the Crypto Market

In the last few years, crypto exchanges have filed for bankruptcy due to fear of the Securities and Exchange Commission (SEC) in the United States. A number of them have either gone bankrupt or have wound up their operations in the United States and stopped serving their citizens.

Earlier this week, the SEC filed a lawsuit against one of the leading crypto exchanges, Coinbase, over selling unregistered securities. This is the second major crypto exchange that was sued by the agency in a week.

Following the decision of the SEC to label over 50 cryptocurrencies as securities, the market experienced unusual volatility. Crypto market capitalization has declined by over 4.53% in a week.

Among the so-called ‘securities,’ Solana and Cardano were the leading tokens. Shortly after the declaration, Robinhood delisted numerous tokens overnight.

Some other crypto exchanges also delisted coins and tokens following their labeling as ‘securities’. Bitcoin faced a major decline over the past week, and it recently traded below $26k.

Earlier, Bitcoin was ranked as the most traded digital asset globally, but recently Tether bypassed its trading volume and acquired the position of the most traded crypto asset.

According to people familiar with the matter, crypto venture capitalists and giant investors claim that they will stay out of the market till the issue between security regulators and crypto companies is resolved.

Disclaimer 

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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Source: https://www.thecoinrepublic.com/2023/06/18/moonpay-is-focusing-on-expansion-despite-the-market-downtrend/

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