MoonPay has announced the launch of a new feature, MoonTags, designed to simplify the cryptocurrency transfer process by allowing users to utilize simple names instead of lengthy wallet addresses.
Functionality of MoonTags
With MoonTags, users can send and receive cryptocurrency using unique identifiers. Instead of complicated and error-prone wallet addresses, users can now just type in a username like in social media. Each account is automatically assigned a default MoonTag, which can be customized by adding a profile picture.
Benefits and Risks of Using
While MoonTags aim to eliminate technical complexity, users must remain cautious about entering the correct username. An incorrect entry could lead to sending assets to the wrong address, with no option to cancel the transaction. MoonPay does not charge additional fees for using MoonTags; however, higher fees may apply for cross-chain exchanges.
MoonPay's Expansion and New Partnerships
MoonPay is also looking to expand its capabilities in the international market. At the end of August, the company integrated with Turnkey, enabling users in 160 countries to purchase cryptocurrency without redirection. This integration provides developers with new opportunities for increasing user conversion rates. Additionally, MoonPay has acquired a BitLicense, allowing it to operate in all 50 states of the USA, including New York.
With the launch of MoonTags, MoonPay aims to simplify the cryptocurrency transfer process while continuing to expand its global operations amid regulatory challenges.
