On Thursday, the company announced that Venmo users in the US can now purchase cryptocurrencies such as Bitcoin and Ethereum on the MoonPay platform. Venmo is a popular mobile payment app owned by PayPal. MoonPay is a service that allows people to buy, sell, or exchange digital coins and tokens.
Venmo users can use their account balance, direct bank account debit, or debit card to fund MoonPay for cryptocurrency purchases. However, users in New York and Texas will not be able to access this feature.
This innovation is part of PayPal's strategy to simplify access to cryptocurrencies for a wide audience.