- U.S. Venmo users can buy Bitcoin and Ethereum via MoonPay.
- Venmo balances, bank withdrawals, and debit cards are supported for crypto purchases.
- MoonPay integration excludes users in New York and Texas.
PayPal continues its push into cryptocurrency by enabling Venmo users in the U.S. to make crypto purchases through MoonPay.
In a recent announcement, the company shared that Venmo accounts can now be used to buy digital coins, including Bitcoin and Ethereum, through the MoonPay platform. This integration aims to make crypto more accessible to everyday users.
Venmo, a widely used mobile payments app owned by PayPal, allows users to top up their accounts or make payments using their balance, direct bank withdrawals, or debit cards.
These same options are now available for funding crypto purchases on MoonPay. However, the feature is not available to users in New York and Texas, according to MoonPay’s statement.
This new service aligns with PayPal’s broader strategy of increasing cryptocurrency adoption. In September, the company enabled U.S. merchants to buy, hold, and sell digital assets from their business accounts.
PayPal’s involvement with cryptocurrency has steadily grown, with the launch of PayPal USD (PYUSD), an Ethereum-based stablecoin, in 2023. The asset, designed to offer stability through dollar backing, is now compatible with the Solana network. PayPal also introduced the ability to swap PYUSD for dollars to make international payments via its Xoom platform.
Stablecoins like PYUSD are designed to reduce the price swings often seen with cryptocurrencies like Bitcoin. These types of digital currencies are usually supported by dollars or government bonds, making them more stable in value. This stability helps make transactions faster and easier, especially for sending money across borders.
Venmo’s partnership with MoonPay is part of PayPal’s plan to offer more cryptocurrency options and make them easier for people to use, showing its dedication to the growing world of digital assets.
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