MoonPay is pleased to announce that the Texas Department of Banking has granted MoonPay a Money Transmitter License in order to provide money transmission services in the Lone Star State.
Starting now, Texas residents are reportedly able to purchase 64 different cryptocurrencies on MoonPay with Venmo and PayPal, opening the door to millions of Texans “looking to enter the crypto space.”
MoonPay co-founder and CEO, Ivan Soto-Wright said:
“MoonPay is committed to prioritizing compliance and consumer protection as we expand crypto accessibility in Texas and beyond. We look forward to continuing our close work with regulatory bodies to bring our crypto solutions to more users around the world.”
Texas is the “second-most” populous state behind California and a major hub for Bitcoin mining.
Current estimates indicate that over a fifth of voting-age Texans own crypto.
The team added that they plan to expand their services in Texas in 2025, allowing residents to sell cryptocurrencies, including BTC, ETH, and SOL.
MoonPay added both Venmo and PayPal (Venmo’s parent company) as payment methods earlier in 2024.
With the addition of Texas, MoonPay’s proactive approach to compliance has earned us 45 Money Transmitter Licenses, allowing them to “operate in diverse markets across the U.S.”
As covered earlier this year, MoonPay is pleased to announce that PayPal (NASDAQ: PYPL) is now live to users across the European Union and United Kingdom, following a successful launch in the United States last month.
MoonPay users in 24 EU member states and the UK can “now buy cryptocurrency using their PayPal account.”
The U.S. launch, which has also now rolled out to 100% of users, demonstrated strong demand for PayPal as a payment option to buy crypto” with solid results:
- Popularity: PayPal has quickly become the third most popular payment method in the U.S., overtaking Google Pay, and only slightly behind cards and Apple Pay.
- Increased engagement: Nearly 90% of users who successfully connect to PayPal proceed with a transaction.
- Higher conversion: New customers using PayPal as their first payment method convert at a 1.3x higher rate than those using cards.
- New demographic: MoonPay’s integration with PayPal unlocks a more mature user base, with an average age of 35 years old.
Ivan Soto-Wright, MoonPay’s co-founder and CEO, said:
“The success of our PayPal partnership speaks volumes about the value we’re creating together. Expanding our collaboration to new markets is an incredibly exciting milestone for us. This move will enable us to provide a frictionless experience and lower the barriers to entry to include new users around the world, bringing convenience and trust to our growing customer base.”