PayPal has announced that U.S. customers can now purchase digital coins like Bitcoin and Ethereum through MoonPay using their Venmo accounts.
Venmo, a popular mobile payments app owned by PayPal, allows users to fund crypto purchases through their account balance, direct bank withdrawal, or debit card. However, this feature is not available for users in New York and Texas.
This move is part of PayPal’s larger strategy to make cryptocurrency more accessible to everyday users. In September, PayPal extended its crypto services to U.S. merchants, enabling them to buy, hold, and sell cryptocurrency from their business accounts.
See Related: PayPal Partners With MoonPay To Take Crypto Mainstream In The US
PayPal’s Growing Crypto Offerings With PYUSD
PayPal initiated its first corporate payment using PayPal USD (PYUSD).
Last year, PayPal launched its Ethereum-based stablecoin, PayPal USD (PYUSD), pegged to the U.S. dollar. PYUSD now operates on Solana, a major crypto network. In April, PayPal allowed users to exchange PYUSD for dollars to make international payments through its Xoom platform.
MoonPay, in partnership with Venmo, helps overcome common banking issues with crypto purchases. Many crypto transactions fail due to bank restrictions on debit cards, but the Venmo-MoonPay integration aims to resolve these hurdles, offering a smoother experience for users.