Venmo US Users Now Support Crypto Purchases Through MoonPay

Key Points:

• With MoonPay integration, 60 million Venmo US users can now purchase cryptocurrencies directly using their balance, bank transfers, or debit cards.
• The cryptocurrency purchasing feature is currently unavailable for users in New York and Texas.

Venmo has partnered with MoonPay to enable 60 million Venmo US users to buy cryptocurrencies directly from their accounts.

Read more: PayPal, Venmo Add Ethereum Name Service for Simplified Transactions

Venmo US Users Can Now Buy Cryptocurrency With MoonPay Support

With the integration now live, Venmo US users will be able to fund Bitcoin and other crypto purchases with their balance, bank transfers, or debit cards. It makes buying digital assets easier since you will not have to link your external bank accounts.

MoonPay is a platform in which users can buy, sell, and swap a variety of digital currencies. Integration with Venmo adds more than 110 cryptocurrencies in support. According to the official statement provided by MoonPay, however, this service is not available to the residents of New York and Texas at the moment. The integration on Venmo will expand more broadly across the MoonPay partner network soon, continuing to improve access for U.S. customers.

Part of PayPal’s Ongoing Cryptocurrency Expansion Strategy

The move represents another step in PayPal’s broader push into the cryptocurrency space. It has been ramping up its crypto-related services of late, including allowing U.S. merchants to manage cryptocurrencies directly from their business accounts.

Last year, PayPal launched a stablecoin called PayPal USD. In April this year, the company announced that users could convert the PYUSD into U.S. dollars when making cross-border payments through the Xoom service.

This also marks the plan of Venmo to provide users with more flexible financial means on the back of increased usage of cryptocurrencies. Last year, both PayPal and Venmo announced their decision to enable customers to transfer crypto between Venmo accounts, extending further the role of the platform in the crypto market.