Venmo-MoonPay Collaboration To Bring Crypto to 60M Strong User Base

Key Takeaways

• Venmo has partnered with MoonPay to bring crypto to its users.
• The services will be available across the U.S. except for New York and Texas.
• Venmo and PayPal have doubled down on their crypto approach in recent years. 

Venmo, the digital wallet millions of Americans use to split dinner tabs and rent checks, is now offering a new kind of transaction: buying and selling cryptocurrency.

Through its latest partnership with MoonPay , the payment platform is giving its 60 million users in the United States a direct line to the crypto market.

Venmo Teams Up With Crypto “Paypal”

Under the partnership, U.S.-based Venmo users can make direct crypto purchases, leveraging Moonpay’s extensive network of partners.

Similarly, Moonpay users in the United States can now utilize Venmo as a payment method, further expanding the reach of both platforms.

Users of MoonPay in the U.S. can now utilize Venmo, which has started to expand through MoonPay’s partner network.  

“This monumental partnership paves the way for greater crypto adoption,” said Ivan Soto-Wright, co-founder and CEO of MoonPay.

“Integrating Venmo as a payment method on MoonPay is a natural next step towards building the best possible user experience. Not only will Venmo offer a new, frictionless checkout experience for users, but it will also boost the overall accessibility of the crypto ecosystem.”

Conversely, with Venmo now available as a payment method on the MoonPay app, users can access dozens of crypto tokens and fund purchases with their linked Venmo account.

It’s worth noting that, due to regulatory restrictions, this functionality will not be available to MoonPay users in New York and Texas.

Fiat Payment Apps Revolutionize Crypto Adoption

The crypto landscape has undergone a significant shift as fiat payment transfer applications, such as Venmo and PayPal, have finally entered the crypto industry after years of observing from the sidelines.

Integrating these payment options to buy and sell crypto is transforming the crypto adoption landscape in the U.S. and globally.

Venmo is among the most popular payment apps in the U.S. It has been instrumental in popularizing digital payments over cash. 

Its new partnership is poised to democratize access to the crypto market. Venmo will allow new users to effortlessly enter the space without creating an exchange account or buying stablecoins.

Meanwhile, PayPal, another behemoth in the payment space, has similarly shifted its gaze towards crypto. The company is aggressively pursuing initiatives to simplify buying, selling, and transferring cryptocurrencies for its vast user base.