Venmo Partners with MoonPay to Streamline Crypto Transactions for 60 Million Users

• Venmo teams up with MoonPay to provide easier crypto transactions for 60 million users.
• U.S. Venmo users can fund MoonPay accounts via Venmo balance, bank, debit, or credit cards.
• New York and Texas users are excluded from Venmo’s new crypto service.

Venmo, the popular digital payment platform, has announced a new partnership with MoonPay to enhance access to cryptocurrency transactions for its 60 million active monthly users. This collaboration aims to provide a more streamlined experience for those looking to engage with cryptocurrencies.

Eligible Venmo users in the U.S. can now fund their MoonPay accounts through multiple payment methods. These include their Venmo balance, linked bank accounts, debit cards, and credit cards. 

However, users in New York and Texas will not be able to access this service, as these states are excluded from the current offering. The reasons for this exclusion have not been detailed, though state regulations could be a potential factor.

This development is a significant step in Venmo’s broader efforts to support digital currencies. Following PayPal’s move last year, which introduced a stablecoin called PayPal USD (PYUSD), the company continues to strengthen its position in the crypto space. 

In April, PayPal allowed U.S. merchants to manage Bitcoin and other cryptocurrencies directly from their business accounts. Additionally, PYUSD can now be converted to U.S. dollars for international transactions through PayPal’s Xoom service.

MoonPay, a platform that facilitates the buying and selling of cryptocurrency, will benefit from Venmo’s large user base. Venmo users can seamlessly transfer funds into their MoonPay accounts, offering a simplified process for acquiring digital assets. This partnership is expected to boost cryptocurrency accessibility for a broader range of users, making the process more convenient.

The partnership responds to the increasing demand for easier and more integrated access to cryptocurrencies. By teaming up with MoonPay, Venmo plans to offer more services to its users, although those in New York and Texas won’t have access to the new crypto features.

This step also keeps Venmo in line with the trend of financial services adding crypto options, reflecting the growing acceptance of digital currencies in everyday use.