Cash App's cryptocurrency service is extending beyond bitcoin and USDC for the first time by being added to crypto payments platform MoonPay. Eligible U.S. Cash App users can now use their balances to purchase a host of other digital assets offered by MoonPay, including ether, solana, XRP, and the largest stablecoin, USDT.
Expanded Payment Options
The integration allows users to fund wallets on MoonPay through their Cash App balances, including Ledger, BitPay, Trust Wallet, MetaMask, and Uniswap, among others. This move demonstrates a means of appealing to customers' demand for multiple digital assets without Block having to build the necessary pipes and plumbing itself.
Block's Strategy Shift
According to Morgan Kuntze, Block's global partnerships lead, the partnership with MoonPay is part of the company's strategy to give customers choice and flexibility in how they pay for digital assets. While bitcoin remains at the core of their digital asset strategy, Cash App users can now explore a broader range of options.
Background
Cash App, the mobile payment service developed by Block, is one of the premier mainstream gateways into cryptocurrency, given its customer base of over 50 million users. The company added support for USDC, the second-largest stablecoin by market cap, earlier this year. However, bitcoin maximalist Jack Dorsey has historically expressed reservations about supporting stablecoins, citing customer demand for multiple digital assets.