Paysafe has launched Pay with Crypto for iGaming operators and daily fantasy sports brands in the US, using MoonPay's infrastructure.
The payment option allows players to deposit stablecoins and cryptocurrencies into their gaming accounts where permitted. Once verified, the funds are converted into US dollars. The service is aimed at US iGaming and daily fantasy sports brands that want to add crypto deposits through their cashier systems.
Players can connect either a crypto wallet or a custodial wallet when making a deposit. The checkout also supports QR code transactions on mobile phones through MoonPay Commerce Checkouts technology.
Operators can add the service through a single integration with Paysafe's gateway product for the iGaming sector. They can also choose to settle payments in stablecoins to a crypto wallet or in US dollars and other major fiat currencies through MoonPay's virtual accounts service.
The launch comes as payment groups and gambling operators test whether crypto can move beyond trading and become a deposit method for regulated online betting and fantasy sports. Paysafe cited market data showing that about 70.4 million American adults own cryptocurrency, while its own research found that 83% of US players are open to crypto payments.
Market demand
The move adds another option to Paysafe's existing payment methods for gaming merchants, which already include card payments, the Skrill digital wallet, PaysafeCash, a pay-by-bank product and more than 30 local payment methods. The company has a long history in online gambling payments and is looking to expand the range of deposit methods available through a single integration.
Crypto payments in gambling have remained uneven in the US because of state-by-state rules, compliance requirements and concerns about the treatment of digital assets. By converting deposits into US dollars after verification, the model avoids requiring merchants to hold player balances directly in cryptocurrency.
MoonPay plays a central role in the product design. The financial technology group provides checkout technology and infrastructure that support conversion between digital assets and fiat currency, giving operators the option to receive settlement in either stablecoins or traditional currency.
MoonPay says it has more than 30 million customers across 180 countries and supports more than 500 business customers across crypto and fintech. It has built its business around linking conventional payment systems with blockchain-based assets, and this partnership brings that model into a regulated consumer payments setting tied to online gaming transactions.
For Paysafe, the launch reflects a broader effort to respond to changing payment preferences among gambling customers. The company, which focuses on sectors including iGaming, eCommerce and travel, has increasingly positioned itself as a provider of multiple payment types through one platform rather than relying on any single method.
Zak Cutler outlined the company's view of the shift.
"Galvanized by the growing popularity of stablecoins, cryptocurrency is evolving in the U.S. from an investment asset into a unit of value for payments, and we're seeing this shift gather pace in the country's iGaming market. Against this backdrop, we're delighted to unveil Pay with Crypto, a forward-thinking solution that strongly positions U.S. operators for their customers' changing transactional preferences - the future of how they pay when they play," said Zak Cutler, President of Global Gaming, Paysafe.
MoonPay described the partnership as an example of digital assets being used directly for purchases rather than being sold first.
"Crypto rails are making payments faster and more efficient, and our job is to close the gap between this technology and real-world utility. People shouldn't have to convert their digital assets just to make a purchase - they want to use what they already have. Paysafe brings that experience to more people through trusted, regulated platforms," said Ivan Soto-Wright, Founder and Chief Executive Officer, MoonPay.