Among hard forks and nodes, “on-ramp” may be the most friendly term in the cryptosphere. It’s the exchange of government-issued currency for cryptocurrency.
Creating accessible, user-friendly ramps is one of the biggest hurdles to crypto becoming more mainstream. Imagine a non-technical person on an NFT marketplace, credit card in hand, confused about how to buy in ETH (you're not alone).
MoonPay launched today on Product Hunt, a product that enables both easy on/off-ramping for individual users, and a B2B integration for makers to incorporate the same functionality into their products. Dapper Labs (NBA Topshot) and OpenSea are two NFT marketplaces we’ve covered that partner with MoonPay, so the confused user we imagined above can buy a Lebron dunk shot with a simple exchange to crypto starting with their credit/debit card.
MoonPay first began enabling the purchase of Bitcoin in the UK and EU in 2019. Now its users can buy or sell over 80 cryptocurrencies in 160 countries. The makers are working on recurring purchases and an NFT direct purchase widget, among other new features. Co-founder Victor Faramond shared:
“At MoonPay, we’re obsessed by User Experience (we’re always running dozen of experiments on our widget) but also Developer Experience (any developer can set up our buy widget in a few minutes...)”
Many in the Product Hunt community are giving that experience a thumbs up so far:
“I was pretty nervous about buying my first cryptocurrency, I didn't even know where to start as there is a lot of specific terminology... I have to say MoonPay are true to their word…” - Lauren Borodajko
“Not every company has the resources... [to build] their crypto-payments stack. Empowering any product to offer.. the buying & selling of crypto with just a few lines of code is simply amazing.” - Aveem Alvi
Four years ago, Brian Armstrong, co-founder of Coinbase (which makes competitor products), made a prediction on a Product Hunt AMA using back-of-the-napkin math. He guessed between 270M and 2.5B people would have or use digital currency in 3-5 years. TripleA estimates there are 300M crypto users worldwide today (not bad, Armstrong).
MoonPay wants a piece of the next 1B: "Our mission is to give the next billion people access to cryptocurrency."
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