Fintech firm MoonPay has obtained a Money Transmitter License from the Texas Department of Banking.
This move allows MoonPay to offer money transmission services in Texas.
Now, Texans can purchase 64 different cryptocurrencies through MoonPay using payment platforms Venmo and PayPal.
Texas is said to be the second-most populous state in the US and a burgeoning centre for Bitcoin mining as
over one-fifth of Texans of voting age are already own crypto.
MoonPay has outlined plans to expand its offerings in Texas by 2025, which will include the ability for residents to sell cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
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Earlier in 2024, MoonPay integrated Venmo and PayPal (parent company of Venmo), as part of its payment options.
The company has secured a total of 45 Money Transmitter Licenses, enabling MoonPay to operate across the US.
MoonPay co-founder and CEO Ivan Soto-Wright said: “MoonPay is committed to prioritising 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.”
MoonPay’s infrastructure is designed to bridge the gap between fiat currencies and cryptocurrencies.
It supports conversions using payment methods, which include debit and credit cards, local bank transfers, as well as Apple Pay and Google Pay.
The company operates over 160 countries and has partnerships with more than 300 leading wallets, websites, and applications, according to the website.
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