Venmo Partners Moonpay Enabling Crypto Access to Its 60 Million Users

MoonPay has announced a fresh way for US customers to pay for its services by adding Venmo as an additional option to fund their MoonPay accounts, using their balance or other linked payment methods such as bank accounts, credit cards, or debit cards.

This release further expands the use of this mobile payment service, which boasts over 60 million monthly active users, to facilitate purchases on the MoonPay platform easily and securely.

Venmo Adds Crypto Purchases via MoonPay

Venmo will join MoonPay as one of its funding sources to expand the ways to pay for US users. According to the official announcement, eligible users will now be able to buy and sell cryptocurrency directly on the MoonPay platform.

This feature makes it easy and safe for over 60 million monthly active users to start using digital assets, thereby making transactions smoother and more accessible.

The new integration follows the recent addition of PayPal as a funding option for MoonPay, further expanding the myriad ways users can fund the platform. However, the new Venmo functionality will not be available to MoonPay users in New York or Texas.

🚨 Breaking News: Venmo’s 60 million users in the U.S. can now buy crypto using MoonPay!

💰 This new integration lets you buy all your favorite cryptocurrencies using your Venmo balance.

🚀 Live now and rolling out soon to the MoonPay partner network. pic.twitter.com/VoUjMCbOcS

— MoonPay 🟣 (@moonpay) October 17, 2024

Crypto payments are becoming more popular nowadays. Recently, global fiat-crypto payment gateway Alchemy Pay marked a monumental stride, banking upon a partnership with pan-African fintech firm Yellow Card.

A New Era of Crypto Accessibility

Recently, MoonPay integrated PayPal and Venmo to extend users’ options for paying for their crypto transactions through more familiar and comfortable means. Consequently, with this integration, one can buy any cryptocurrency on MoonPay using a balance, bank, or debit card through PayPal and avoid the unnecessary hassle of manually inputting details about the payment.

Integration with Venmo, on the other hand, allows users to fund their MoonPay account balance or linked accounts for seamless, available transactions.

“By including PayPal-a widely known payment method for consumers, the onboarding process, new crypto users will immediately feel more at home, and the barrier to entry is down, making it much more approachable,” said Ivan Soto-Wright, the co-founder and CEO of MoonPay.

Polymarket Taps MoonPay to Handle Election Betting Mania

In July this year, Polymarket signed a contract with MoonPay to bring new forms of online payments that allow users to initiate the processes for credit card and bank transfer bets. This is ahead of high interest in the US presidential election, which has further spiked record volumes in betting on the platform.

This unprecedented betting action had some unexpected twists in the election, including the Donald Trump assassination attempt and the decision of Joe Biden to exit the race; Polymarket, the market operator, said it reinforces the infrastructure for its surge in demand.