Venmo, the popular U.S. payment app, has teamed up with MoonPay, allowing its 60 million users to buy crypto directly through their accounts. This integration promises to make crypto purchases faster and more convenient.

Venmo and MoonPay Partnership

MoonPay states that this partnership will open doors for even more people to enter the world of crypto. For Venmo users, buying crypto is now as simple as sending money to a friend. In conjunction with Venmo, MoonPay adds flexibility by enabling users to pay with an app they're already familiar with.

Enhanced User Functionality

Venmo users who already actively transact daily can now purchase crypto without needing to sign up for a new account. For those without an account, MoonPay's onboarding process offers the opportunity to create a Venmo account. Additionally, users can now transfer cryptocurrencies between accounts with no fees, though sending to external wallets still incurs network fees.

Venmo's Crypto Journey

Venmo entered the crypto space in April 2021, allowing users to buy, hold, and sell major coins such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. This move aligned with its parent company, PayPal, which had previously ventured into crypto. Venmo also rolled out educational resources to help users understand crypto basics. By mid-2022, the platform processed over $500 million in transactions and increased purchase limits to $20,000 per week.

Venmo and MoonPay aim to offer users more convenient options to engage in the crypto market. The changes implemented have made crypto purchases simpler and more accessible, supporting increased user activity on the platform.