Venmo, a widely used payment service, has announced a partnership with MoonPay, aimed at enhancing cryptocurrency transaction access for its 60 million monthly active users.
As outlined in a recent press release, eligible users in the United States can now easily fund their MoonPay accounts using their Venmo balance, as well as linked bank accounts, credit cards, or debit cards. However, it is important to note that this service will not be available to users located in New York or Texas.
Expansion of Crypto Access Through Partnerships
In addition to this collaboration, MoonPay has also partnered with Ripple, which will make the cryptocurrency XRP available to over 20 million users globally. This partnership enables users to buy, store, and manage XRP directly through the MoonPay app, further expanding their access to digital currencies.
Following the announcement on October 16, the price of XRP against USDT experienced a 1.20% increase, reaching $0.5482 within 24 hours. However, the token has since seen a slight decline of 1.05%, trading at $0.5456 as of the latest updates from CoinMarketCap.
Moreover, earlier this year, MoonPay established a significant partnership with PayPal, allowing 426 million users to access over 100 digital assets. Since this integration, PayPal users across all 50 U.S. states have been able to fund MoonPay transactions using their PayPal balance, bank withdrawals, or debit cards. As of May 2024, around 50% of U.S. users have engaged with this PayPal integration.
With these strategic partnerships, Venmo and MoonPay are poised to simplify cryptocurrency transactions and broaden user access, reflecting the growing interest in digital currencies.
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