PayPal is moving deeper into the world of cryptocurrencies.
In an announcement Thursday, the payments giant said U.S. customers can now use their Venmo accounts to buy digital coins and tokens like Bitcoin and Ethereum on MoonPay.
Venmo is a popular mobile payment app owned by PayPal. MoonPay is a platform where people can buy, sell, and exchange digital coins and tokens. Venmo customers can use their account balance, direct bank account withdrawal, or debit card to fund their crypto purchases on MoonPay, but MoonPay says the Venmo integration is not available to users in New York and Texas. That's what it means.
This announcement is part of PayPal's latest strategy to make cryptocurrencies available to the general public. In September, the payments company enabled U.S. merchants to buy, hold, and sell cryptocurrencies from their business accounts.
Last year, the company launched an Ethereum-based dollar-pegged stablecoin called PayPal USD (PYUSD). The asset is also currently running on Solana, the crypto network behind SOL, the fifth largest digital coin by market capitalization. PayPal announced in April that users can now exchange PYUSD to dollars for international payments through its payment platform Xoom.
Stablecoins are cryptocurrencies designed to have more volatile properties than Bitcoin and other digital coins. These are often backed by dollars or government bonds and are used by traders to make quick trades on exchanges or by people who want to send money across borders.
Edited by Andrew Hayward
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