Venmo, the popular payment service under PayPal, has partnered with crypto platform MoonPay, enhancing cryptocurrency access for its U.S. users.
The collaboration will allow Venmo’s 60 million active monthly users to seamlessly purchase cryptocurrencies without the need for additional accounts or payment details, aiming to streamline the crypto buying process.
Simplified Crypto Purchases for Venmo Users
Eligible U.S. users of Venmo can now fund their MoonPay accounts using their Venmo balance, linked bank accounts, credit cards, or debit cards, simplifying the entire process. This service is not available to users in New York or Texas due to local regulations.
The integration eliminates the need for extra steps, making it as easy as sending money to a friend, a hallmark of Venmo's convenience-driven approach.
MoonPay CEO Ivan Soto-Wright highlighted this, saying,
"Venmo has transformed the payments experience for millions of users, making it easier and more convenient to transact on the go."
Benefits of MoonPay Integration
The partnership offers several advantages for Venmo users, as the process is faster and smoother, with no need for additional account setups or new payment information. Users can choose from a wide variety of payment methods, enhancing accessibility for crypto purchases.
MoonPay also offers access to dozens of cryptocurrencies, all of which can be purchased using a linked Venmo account. For those who do not have a Venmo account, the MoonPay platform provides an easy option to sign up directly during the crypto purchase process.
This collaboration with MoonPay is seen as a major step in expanding Venmo's crypto offerings.
Soto-Wright added,
“Integrating Venmo as a payment method on MoonPay is a natural next step towards building the best possible user experience."
Following PayPal’s Lead in Crypto
The integration with Venmo follows MoonPay’s earlier collaboration with PayPal, allowing users to purchase cryptocurrencies directly using PayPal accounts. This alignment with PayPal, Venmo’s parent company, reinforces the payment giant’s commitment to expanding its presence in the cryptocurrency sector.
Venmo first entered the crypto space in April 2021, offering its users the ability to buy, hold, and sell four major cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Now, the partnership with MoonPay adds more options and enhances the overall experience for its users.
Moonpay’s Collaboration with Ripple
In addition to Venmo, MoonPay has also integrated with Ripple, allowing users to buy and manage XRP. This development has opened up XRP access to over 20 million users worldwide. Following this partnership announcement, XRP experienced a modest price increase of 1.20%, reaching $0.5482.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
