Venmo, the popular U.S. payment app, has teamed up with MoonPay, allowing its 60 million users to buy crypto directly through their accounts.
The integration promises to make crypto purchases faster and more convenient. Venmo users no longer need to set up extra accounts or deal with unnecessary payment information.
MoonPay says this move will open the doors for even more people to get into crypto. For Venmo users, it’s now as simple as sending money to a friend.
More flexibility, speed, and convenience
MoonPay CEO Ivan Soto-Wright said “Venmo has transformed the payments experience for millions.” He believes this collaboration is the “natural next step” to make things even easier.
With Venmo now in the picture, MoonPay is adding flexibility, letting users pay with an app they’re already comfortable with.
Reportedly, tens of millions of people actively send money, split bills, and make payments daily on Venmo. If you’re already a Venmo user, you don’t need to sign up for a new account.
For people without an account, MoonPay’s onboarding process will offer them the chance to sign up for Venmo.
The app got its start in crypto back in April 2021. At that time, it allowed users to buy, hold, and sell four major coins:- Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
It was a decision that lined up with its parent company, PayPal, which had jumped into the crypto space even earlier.
Venmo’s social features let users share their crypto activity in their social feed, which made it a place where people could learn about and engage with crypto.
Venmo also rolled out educational resources to help people understand the basics of crypto. Of course, there were fees attached to buying and selling crypto, and these varied depending on the size of the transaction.
Since launching the service, Venmo has seen strong user engagement. By the end of 2022, over 30% of users had tried its crypto features.
By the middle of last year, the platform had processed over $500 million in transactions. Earlier this year, Venmo improved on the offerings.
Users could transfer cryptocurrencies between accounts with no fees, though sending crypto to external wallets still carried network fees.
Venmo also bumped up the limits on how much crypto users could buy, letting people purchase up to $20,000 worth of crypto per week, with a yearly limit of $50,000.
In addition to BTC, Ether, LTC, and BCH, Venmo started supporting PayPal’s stablecoin, PayPal USD (PYUSD).
