MoonPay, the global enabler of crypto payments, has recently announced that the New York State Department of Financial Services (NYDFS) has authorized the MoonPay Trust Company, LLC, a New York Limited Purpose Trust Company (LPTC), to begin offering its services to customers.
The charter authorizes MoonPay to offer digital asset custody and over-the-counter (OTC) trading services under what is described as being “one of the most respected regulatory frameworks in the world.”
This milestone marks another step in MoonPay’s mission to deliver compliant, and scalable financial infrastructure “for institutional and enterprise partners.”
Ivan Soto-Wright, co-founder and CEO of MoonPay has said that receiving our New York Trust Charter reflects their “commitment to meeting the highest standards of compliance, security, and governance,”
It enables them to deepen relationships with FIs, expand their “regulated service offerings, and continue bridging traditional and digital finance in a trusted way.”
With this latest approval, MoonPay joins a select group of digital-asset companies that have obtained “both the NYS Bitlicense and New York Limited Purpose Trust Charters, including Coinbase, PayPal, Ripple, and NYDIG.”
The launch of MoonPay Trust Company expands the company’s regulated footprint, complementing its financial licenses “across multiple jurisdictions and highlighting its commitment to servicing institutional and enterprise customers.”
MoonPay Trust Company also provides a “potentially GENIUS compliant path for future stablecoin issuance.”
Any additional services will “need express approval from NYDFS.”
As covered, MoonPay simplifies access to buy, sell and trade crypto using everyday payment methods like “cards, Apple Pay, PayPal and Venmo, while also providing simple tools to send, receive and manage stablecoins.”
Whether someone is new to digital money or a company exploring new ways to use it, MoonPay explains that it provides the infrastructure to onboard users “into the blockchain-based financial ecosystem.”
With 30 million customers and enabling the infrastructure for nearly 500 companies across the decentralized economy, MoonPay is described as being a key “driver behind mainstream crypto adoption.”
It is reportedly licensed in the U.S. and regulated in the UK, EU, Canada and Australia—and has been “certified for its enterprise-grade security.” MoonPay also stated that it remains focused on changing the payments landscape.
