As has just been announced, XRP, the seventh largest cryptocurrency in the world, has officially become available for direct purchase, storage and management within MoonPay.
For those who may not know, Moonpay is a financial technology company and app of the same name that provides a payment infrastructure for cryptocurrencies and NFTs to be bought and sold directly with fiat currencies, using methods such as Apple Pay, Google Pay and various bank cards.
Gamza KhanzadaevSome of you may remember that three years ago, every celebrity, like Future or Eminem, was getting into NFTs and crypto, primarily through Bored Ape Yacht Club profile pictures. That craze was largely driven by MoonPay, as those endorsements were partially paid for by the on- and off-chain ramp service provider.
Basically, integration there can be compared to being listed on Coinbase, but it is a "crypto for fiat" app.
Why XRP?
This question is not really a question, if we are being honest, because ever since the cryptocurrency achieved its nonsecurity status due to last year's verdict in the SEC v. Ripple lawsuit, such an integration was only a matter of time.
However, things accelerated quickly when it was announced that MoonPay will be one of the first exchanges and platforms to integrate Ripple USD (RLUSD) - an upcoming new stablecoin from Ripple that will be pegged to the U.S. dollar.
The stablecoin will operate on two networks: XRP Ledger (XRPL) and Ethereum. That is why the addition of XRP to MoonPay's services is not that surprising but is still a significant development for the popular cryptocurrency.
While the exact date of the RLUSD launch remains unknown, the events of the past few days continue to excite enthusiasts.
Arman Shirinyan
Dan Burgin
Alex Dovbnya