PayPal partners with MoonPay, allowing Venmo users to buy crypto directly using their account balance.
Venmo users can now purchase Bitcoin, Ethereum, and more through a simple, seamless MoonPay integration.
PayPal expands crypto access by removing the need for external accounts, making digital assets easier to buy.
PayPal has collaborated with MoonPay to offer Venmo users the option to purchase cryptocurrencies such as Bitcoin and Ethereum. Venmo, a mobile payment service owned by PayPal, now offers this new feature to its 60 million U.S. users.
Simplified Crypto Buying for Venmo Users
This enables Venmo users to buy digital assets depositing the funds from their Venmo balance, bank account or debit card. It makes the process of new users starting to invest in cryptocurrencies very smooth. But, regulations of New York and Texas make the function inaccessible in those states.
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Some of the services provided by MoonPay from its popular platform include buying, selling and trading of cryptocurrencies. This partnership carries on with PayPal's continuous work to bring cryptocurrency to a wider pool of people.
PayPal Expands Crypto Access for Retail Users
PayPal is engaged in the development of the accessibility of cryptocurrencies for individuals and companies. Last month, the company unveiled a program in which American retailers may purchase, keep and exchange cryptocurrencies in their business accounts. The recent incorporation of MoonPay further advances this initiative, making it easier for Venmo users to buy cryptocurrency.
This update makes it simpler for individuals to get into the crypto world by eliminating the requirement for external bank accounts. The anticipated outcome of this alteration is an increase in retail customers utilizing digital currencies, particularly individuals who are inexperienced in investing in crypto.
MoonPay's Continued Growth
MoonPay is constantly expanding its range of offerings to make cryptocurrency more accessible for the masses at large. On October 16, MoonPay announced that it had teamed up with Ripple to allow users to buy and hold XRP on its platform. Other major digital assets like Bitcoin, Ethereum, and Tether have also been supported by it.
The partnership between Venmo and MoonPay shows how PayPal is dedicated to making digital currencies more mainstream. With the increasing adoption of cryptocurrency, more individuals will have access to these easy and safe payment choices.
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