Venmo, in partnership with MoonPay, now allows 60 million American users to buy cryptocurrencies directly through their accounts, excluding users in New York and Texas.
New Feature for Venmo
With MoonPay integration, Venmo US users can fund Bitcoin and other crypto purchases using their balance, bank transfers, or debit cards. It simplifies the purchase of digital assets, eliminating the need to link external bank accounts.
Expansion of PayPal's Strategy
This initiative is part of PayPal's broader strategy to enhance cryptocurrency services. Last year, PayPal launched a stablecoin called PayPal USD, and this spring, the company allowed users to exchange PYUSD for US dollars for cross-border payments through the Xoom service.
Exceptions and Future Plans
According to MoonPay's official statement, this service is currently unavailable for residents of New York and Texas. The integration on Venmo will expand across the MoonPay partner network soon, improving access for US customers.
Venmo's integration with MoonPay is part of PayPal's efforts to broaden cryptocurrency services and enhance financial flexibility for users. This move is expected to support the growing interest in cryptocurrencies among platform users.