Venmo has joined forces with MoonPay to offer its 60 million American users the ability to purchase cryptocurrencies directly using their Venmo balances. This collaboration was recently announced on MoonPay’s X page, allowing users to buy popular cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The feature will be gradually rolled out to MoonPay’s partner network and will eventually be accessible on more platforms.
MoonPay, recognized for its easy-to-use payment solutions, is expanding its reach by providing a wide variety of payment options. In fact, on October 16th, MoonPay partnered with Ripple (XRP) to enable users to buy and store XRP directly through its platform. This addition of XRP to MoonPay’s list of supported cryptocurrencies, which already includes Bitcoin, Ethereum, and Tether, demonstrates MoonPay’s commitment to offering a diverse range of digital assets.
Although specific details regarding the collaboration are scarce, this partnership between Venmo and MoonPay is in line with Venmo’s goal of offering users more versatile financial tools in response to the increasing adoption of cryptocurrencies. Last year, both PayPal and Venmo revealed plans to introduce a feature that would enable over 70 million Venmo users to transfer cryptocurrencies to one another directly within the Venmo app.
With this new integration, Venmo users can now purchase cryptocurrencies without the need to link external bank accounts, making the process of buying digital assets through their Venmo wallets more straightforward and convenient. MoonPay, which already supports more than 110 cryptocurrencies, is working towards ensuring a seamless integration with Venmo to provide users with a smooth and user-friendly experience.
In addition to the collaboration between Venmo and MoonPay, the growing trend of mainstream financial platforms embracing cryptocurrencies reflects a shift towards wider acceptance of digital assets in everyday transactions. As more companies like Venmo and MoonPay offer easier access to cryptocurrencies, it is likely that the number of individuals investing in and using digital assets will continue to rise.
Overall, this partnership between Venmo and MoonPay represents a step towards making cryptocurrencies more accessible and user-friendly for millions of Americans. By simplifying the process of buying digital assets and eliminating the need for external bank account linkage, Venmo and MoonPay are empowering users to explore the world of cryptocurrencies with greater ease and convenience.