MoonPay expanded its payment options by adding Discover Network, allowing U.S. users to buy and sell cryptocurrency through another major payment network. Discover joins Visa and Mastercard as the third major U.S. card network supported by MoonPay. The expansion removes barriers for users who prefer using Discover cards for crypto transactions, according to Richard Harrison, vice president of banking and payments partnerships at MoonPay.
MoonPay Integrates Discover Network Payment Rail
MoonPay's announcement specifically relates to support for the Discover Network payment rail that processes transactions between cardholders and merchants. The company also supports Apple Pay, Google Pay, PayPal, Venmo, bank transfers and regional payment rails. Discover has historically been less active in crypto partnerships than Visa and Mastercard, which have worked with crypto companies for years.
While Discover cards are already accepted on some crypto platforms, including CEX.IO and Sardine, a partner of BitPay's crypto marketplace, MoonPay's integration means eligible cards running on the Discover Network can now be used on MoonPay. Whether a particular card can be used for crypto purchases still depends on the policies of the issuing bank, which determines what types of transactions it allows.
"Every payment method we add removes a reason someone doesn't convert at checkout," Richard Harrison, vice president of banking and payments partnerships at MoonPay, said in a statement. "We've built MoonPay around a simple principle: every way people already pay should work for crypto. We're enabling Discover Network cardholders to pay for crypto the way they pay for everything else."
Capital One Completes Discover Financial Services Acquisition
Capital One Financial Corp. completed its $35 billion acquisition of Discover Financial Services last year after first announcing the deal in February 2024. In April this year, Capital One also completed its $5.15 billion acquisition of fintech firm Brex, which supports stablecoin payments.
MoonPay Serves 30 Million Customers Globally
Founded in 2019, MoonPay helps consumers and businesses move value between fiat currencies and digital assets. The company said it has more than 30 million customers globally and supports more than 500 enterprise customers across crypto and fintech.
MoonPay has also expanded into AI-driven crypto transactions. Earlier this year, it launched MoonPay Agents, a non-custodial infrastructure layer that enables AI agents to create wallets and carry out transactions autonomously.
MoonPay's investors include Tiger Global Management and Coatue, as well as celebrities Justin Bieber and Paris Hilton. The company raised a $555 million Series A equity round in 2021 at a $3.4 billion valuation. Last year, MoonPay secured a $200 million revolving credit facility from Galaxy. At the time, the company said it had ended 2024 cash-flow positive and profitable after net revenue increased 112% from the previous year.
FAQ
What payment networks does MoonPay support for crypto purchases?
MoonPay supports Discover Network, Visa, and Mastercard as major U.S. card networks. The company also supports Apple Pay, Google Pay, PayPal, Venmo, bank transfers and regional payment rails.
How many customers does MoonPay have globally?
MoonPay has more than 30 million customers globally and supports more than 500 enterprise customers across crypto and fintech, according to the company.
