Venmo has linked with cryptocurrency payment company MoonPay to allow users to buy crypto on its platform with greater ease.
The integration aims to simplify transactions for new users who have a Venmo account for online transactions.
The PayPal-owned company listed the range of benefits users can experience using MoonPay’s capabilities, such as added flexibility and choice when it comes to which payment methods to use.
Users will be supported with an additional variety of cryptocurrencies to choose from, like Bitcoin, Ethereum, Dogecoin, Litecoin, etc. These tokens can be accessed via a linked Venmo account.
Other benefits include more convenience and speed of transactions without the need for additional accounts or new payment information, seamless onboarding for new Venmo users and an extra layer of security for existing users.
MoonPay Co-Founder and CEO, Ivan Soto-Wright, said: “Venmo has transformed the payments experience for millions of users, making it easier and more convenient to transact on the go.
“Integrating Venmo as a payment method on MoonPay is a natural next step towards building the best possible user experience. Not only will Venmo offer a new, frictionless checkout experience for users, it will boost the overall accessibility of the crypto ecosystem.”
The partnership between Venmo and MoonPay will enhance the exposure of the latter and capabilities of crypto payments to Venmo’s 60 million users.
The Venmo integration comes on the heels of MoonPay’s integration with PayPal which offers users the ability to purchase crypto using PayPal.
MoonPay on Venmo has initially launched in the US as Venmo has begun ramping on MoonPay’s partner network. However, both parties confirmed functionality will not be accessible yet for MoonPay users in New York and Texas.