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SatoshiPay integrates MoonPay for fiat XLM purchases in Solar wallet


www.cryptoninjas.net 29 January 2020 16:50, UTC
Reading time: ~3 m

SatoshiPay, a blockchain payment technology company, has announced that the newest release of its Stellar (XLM)-based wallet Solar; will allow users to purchase Stellar Lumens (XLM) using their credit/debit card or Apple Pay directly within the app via EU-based payment processor MoonPay.

With Solar, users can send any digital asset across the globe within seconds. However, until now, there was one major challenge: users needed to purchase these assets on a cryptocurrency exchange and then transfer them into Solar.

“SatoshiPay is a lighthouse company in the Stellar ecosystem. We love their vision around open-source standards and are committed to developing solutions for the whole ecosystem together with SatoshiPay.”
– Victor Faramond, co-founder and CTO of MoonPay

MoonPay provides a fiat on-ramp for crypto purchases. In Europe, users also have the option to purchase XLM by EUR or GBP bank transfer. The need to go through a crypto exchange is avoided, meaning funds are more easily managed as they remain in a non-custodial wallet at all times.

“When first launching Solar, we focused on supplying an easy-to-use, free and open-source wallet for the Stellar network to our clients, the community and last but not least for our own internal use. Solar is now available on all major mobile and desktop platforms and features advanced support for all the great features that the Stellar protocols offers, such as multi-signature accounts, decentralized asset exchange and withdrawals to the fiat world. We always had plans to monetize Solar by offering services around it, for example, crypto on and off-ramps. We’re very glad to announce the first Solar collaboration in this space with an exceptional partner like MoonPay, allowing us to execute on that vision. We are living the open-source spirit. While the technical integration of Solar and MoonPay is based on proprietary specifications, for now, we are collaborating with MoonPay and the community on an open standard for Stellar on-ramping via a Stellar Ecosystem Proposal (SEP). In the future, this will allow us to switch Solar’s MoonPay integration to the new standard and to add other on-ramp services that follow the same standard more easily.”
– Meinhard Benn, CEO at SatoshiPay

How It Works

After choosing the cryptocurrency and amount to purchase, users sign up with their email address and only need to verify their identity if purchases are in excess of 150 EUR. The user then simply enters the preferred card details or pays with one step using Apple Pay, and the purchased Lumens will arrive in the Solar wallet in less than ten minutes. Lumen (XLM) purchases by bank transfer take a little longer, with an average of one to two days.

In addition to the MoonPay integration, the new Solar wallet release introduces improvements in user interface and performance, as well as enhanced fingerprint authentication and error handling.

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