Venmo and MoonPay partner to provide better access to cryptocurrency transactions for 60 million users. Ripple also partners with MoonPay, boosting XRP adoption globally.
Venmo has partnered with MoonPay to enhance cryptocurrency access for its 60 million monthly active users, marking a significant step in making crypto more accessible to the general public. This collaboration allows eligible U.S. users to fund their MoonPay accounts using their Venmo balance, linked bank accounts, or credit and debit cards. However, it’s worth noting that users in New York and Texas will be excluded from this service, as per regulatory limitations.
Ripple and MoonPay Team Up for XRP Accessibility
In a parallel development, Ripple has also entered a partnership with MoonPay, providing over 20 million users the ability to buy, store, and manage XRP directly through the MoonPay platform. This integration is expected to significantly enhance the adoption of Ripple’s cryptocurrency.
Following this announcement on October 16, the XRP/USDT trading pair saw a 1.20% price spike, reaching $0.5482. However, market fluctuations brought the price down to $0.5456 by press time, as per CoinMarketCap data.
Earlier MoonPay-PayPal Partnership Expands Access
This partnership with Venmo comes after MoonPay’s earlier collaboration with PayPal, which was announced earlier this year. PayPal’s massive user base—426 million users—gained access to over 100 digital assets through this partnership. Users can easily fund their MoonPay transactions through their PayPal balances, bank withdrawals, or debit cards. As of May 2024, about 50% of U.S. users actively use this PayPal integration.
Key Takeaways:
- Venmo’s collaboration with MoonPay gives millions of users easier access to cryptocurrency transactions.
- Ripple’s partnership with MoonPay broadens XRP’s reach to over 20 million users globally.
- XRP price reactions highlight the potential impact of these partnerships on the crypto market.
- MoonPay’s partnerships with both PayPal and Venmo showcase the company’s growing influence in the digital asset space.