Venmo Expands Cryptocurrency Access with Moonpay Integration

Venmo’s 60 million users in the U.S. now have a new way to engage in cryptocurrency transactions through Moonpay, thanks to an integration announced by PayPal. This new feature allows Venmo users to buy and sell digital assets using their balances, linked bank accounts, or payment cards, adding flexibility to cryptocurrency funding options. However, the service remains restricted in New York and Texas, marking PayPal’s continued push into the digital asset space.

Venmo and Moonpay Join Forces

On Thursday, PayPal revealed that Venmo has been integrated as a payment method on the Moonpay platform for U.S. users. This expansion gives Venmo’s vast user base the ability to fund Moonpay transactions using their Venmo balance or linked accounts. PayPal, which owns Venmo, stated that the integration enhances how people use Venmo by making it easier to purchase cryptocurrencies. However, this new functionality does not extend to users in New York and Texas due to regulatory constraints in those states.

According to PayPal, “Venmo’s more than 60 million monthly active users can seamlessly fund transactions on the Moonpay platform using their Venmo balance or linked bank account, credit card, or debit card in Venmo.”

This partnership adds to PayPal’s previous collaboration with Moonpay, which initially allowed users to fund their Moonpay accounts via PayPal directly. Now, Venmo offers the same level of convenience for its users, expanding the payment flexibility of Moonpay across its U.S. network. Moonpay, a platform that facilitates the buying and selling of cryptocurrencies, gains more funding options through Venmo’s integration, making it easier for users to engage with digital assets.

PayPal’s ownership of Venmo enables the platform to push further into digital payments, particularly within the rapidly growing crypto space.