Thanks to a partnership with MoonPay, the well-known American payment service Venmo now enables its 60 million customers to purchase cryptocurrency straight from their accounts.
The connection should speed up and simplify cryptocurrency purchases. Users of Venmo no longer have to deal with needless payment details or create additional accounts.
According to MoonPay, this action will make cryptocurrency more accessible to even more individuals. It’s now as easy as transferring money to a friend for Venmo users.More flexibility, speed, and convenience
Ivan Soto-Wright, CEO of MoonPay, stated, “Venmo has transformed the payments experience for millions of people.” He thinks that working together is the “natural next step” towards making things even simpler.
Now that Venmo is a part of the picture, MoonPay is giving consumers more flexibility by enabling them to pay using an app they are already familiar with.
Ivan Soto-Wright, CEO of MoonPay, said, “Venmo has transformed the payments experience for millions of people.” It is reportedly the case that tens of millions of people actively transmit money and split bills. Collaboration, in his opinion, is the “natural next step” towards further simplification.
With Venmo now in the mix, MoonPay is allowing users to pay with an app they already know and love, giving them more options.and use Venmo to make payments every day. You don’t have to create a new Venmo account if you already use it.
For people without an account, MoonPay’s onboarding process will offer them the chance to sign up for Venmo.
The app got its start in crypto back in April 2021. At that time, it allowed users to buy, hold, and sell four major coins:- Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Since launching the service, Venmo has seen strong user engagement. By the end of 2022, over 30% of users had tried its crypto features.
By the middle of last year, the platform had processed over $500 million in transactions. Earlier this year, Venmo improved on the offerings.
Users could transfer cryptocurrencies between accounts with no fees, though sending crypto to external wallets still carried network fees.
Venmo also bumped up the limits on how much crypto users could buy, letting people purchase up to $20,000 worth of crypto per week, with a yearly limit of $50,000.
In addition to BTC, Ether, LTC, and BCH, Venmo started supporting PayPal’s stablecoin, PayPal USD (PYUSD).
