Paypal is further deepening its partnership with Moonpay, meaning 60 million Venmo active users in the United States will be able to withdraw money from their Venmo balances, linked bank accounts or cards to fund transactions on Moonpay. It’s part of a growing focus by Paypal on digital assets and cryptocurrencies, though it does not yet offer the option in New York or Texas.
Paypal and Moonpay’s Expanding Partnership
Paypal has announced that Venmo is now a payment method for all users in the US at Moonpay. Integrating this service, as many know, opens up more streams of funding for transactions for a Venmo user. A balance in a Venmo account can be used and even any bank account, credit card, or debit card that are linked, giving users more freedom and ease.
It is the next step for Paypal in its push into cryptocurrency and digital asset markets. While thus far this was only available directly with Paypal to fund Moonpay transactions, Venmo also makes the feature available, but it bars New York and Texas users as the regulatory caps apply in both of those states.
Moonpay is a fintech corporation specializing in the purchase and sale of cryptocurrencies. To penetrate further into the digital payment world, Moonpay’s service has intertwined itself with PayPal. The integration will help both parties increase their influence in the cryptocurrency world through more user-friendly and flexible payment options. The acquisition of Venmo by Paypal enabled this level of integration because it enabled the use of Venmo to access Moonpay’s increasing pool of cryptos.
Increased Convenience and Flexibility for U.S. Users
According to Paypal, this integration will give users the “safety and convenience that one has come to expect from Venmo,” which means ease of use and pretty wide acceptance in digital payments. Adding Venmo to its payment options, Moonpay is actually becoming much more flexible and providing more choices for U.S. customers seeking to fund their cryptocurrency purchases.
This makes users more effective at transacting with cryptocurrencies as these new financing options make it easier for Moonpay users to pay. In this aspect, more options for payments through Venmo users can now be utilized to complete a transaction. This step further extends the U.S. partner network through the inclusion of Venmo in Moonpay as a payment facility aside from the already established Paypal. This will position the company as the place for smooth crypto transactions; with the offering of Paypal and Venmo, integration will hand users the benefit of familiar, trusted payment methods that are bound to increase user confidence and boost participation in the cryptocurrency market.
Paypal’s Ongoing Crypto Expansion
This is the latest development in PayPal’s broader plan to expand its presence in the digital asset space. For the last couple of years, Paypal has made tremendous strides into cryptocurrencies, allowing users to buy, sell, and hold digital assets directly through their platform. In that regard, by extending its services to include Venmo, Paypal continues the trend, thereby opening up the gate for more people to engage in cryptocurrency transactions.
While it is not live yet in New York and Texas, the option will likely become available in even more regions as Paypal and Moonpay continue to work out regulatory hurdles. Now with over 60 million users gaining access to Moonpay via Venmo, this is a huge expansion in availability and access to digital currencies for mass markets. With the integration of Venmo with Moonpay by Paypal, U.S. users will be given the flexibility to fund cryptocurrency transactions much more conveniently. This move not only makes PayPal’s push in the crypto market even more powerful but also adds one of the most sought-after digital payment options in the country as a service offering for Moonpay.
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