MoonPay launches MoonTags and brings social-style handles to crypto
MoonPay, the American crypto platform, announced the release of a new feature named MoonTags. The feature will make sending crypto easier, just like sending text messages.
In a blog post, MoonPay said that sending crypto should be an easy task and non-technical. The company believes that having unique identifiers like social media handles solves this problem and makes transacting in crypto an easy job.
MoonTags make sending crypto a breeze
Currently, sending crypto is considered a technical process. It requires many steps, such as opening a blockchain explorer, checking a 42-character wallet address, choosing the correct chain, copying it, and pasting.
For extra caution, most frequent users, like traders, check the wallet address again before hitting send. Crypto transfers are irreversible, hence a rigorous check is required to mitigate lost funds and potential scams.
Instead of juggling multiple wallets, MoonPay users can rely on MoonTags to send and request crypto on multiple chains in fewer steps and within minutes.
Ivan Soto-Wright, the CEO and co-founder of MoonPay, said, “Transferring crypto shouldn’t feel like a technical process. MoonTags take the guesswork out of sending and receiving funds, making crypto movement feel as natural and intuitive as any modern payments experience.”
MoonTags unlocks crypto adoption
MoonPay sets a MoonTag for each user by default. Users have the freedom to customize and change their handle at any time. To send or request crypto, users have to search for the desired handle, choose a coin, and hit send. Users have the option to send a short message along with the transaction.
Moreover, MoonTags facilitates international transfers. It makes crypto transactions an excellent alternative to traditional services like Western Union and Wise, but with extremely low fees. Since cryptocurrencies are borderless, MoonTags will unlock more crypto adoption.
Sending cryptocurrency using MoonPay will only incur network fees. In addition, swapping or sending coins across different chains will incur a fee related to MoonPay’s DeFi access.
The crypto platform is fully registered and licensed in the United States. It’s fully regulated in other regions, including the United Kingdom, the Eurozone, Canada, and Australia. MoonPay users from other jurisdictions can purchase their first crypto using a debit or credit card.
At the moment, MoonTags are not available for cross-chain transactions or swaps in New York and European Union (EU) countries.
MoonPay continues to expand rapidly around the world with over 30 million users. The company also provides crypto infrastructure to around 500 companies and decentralized platforms.
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