Morning Minute | MoonPay Brings Venmo to Crypto

TylerD's Market Summary

🤝 Venmo Users Can Buy Crypto Thanks to MoonPay

One of the biggest onboarding problems in crypto has been the funding process.

Where do you pull from?

Bank account feels too slow and clunky. Credit cards never seem to work. 

Well now there's a fast and friendly new option for US residents to buy crypto - via Venmo!

What Happened:
PayPal announced on Thursday that U.S. customers can now use Venmo to purchase Bitcoin, Ethereum, and other crypto on MoonPay.

This integration streamlines the process for Venmo’s 60M users, who can fund crypto purchases using their existing account without needing additional setup. 

They can also now buy digital assets directly using their account balance, bank withdrawal, or debit card.

The new partnership also expands MoonPay’s growing list of payment methods after its recent integration with PayPal, which already included bank transfers, Apple Pay and PayPal.

What Are They Saying:

• Ivan Soto-Wright, MoonPay’s CEO, highlighted the benefits of this collaboration: “Integrating Venmo as a payment method on MoonPay is a natural next step towards building the best possible user experience. Not only will Venmo offer a new, frictionless checkout experience for users, it will boost the overall accessibility of the crypto ecosystem.”
• A PayPal spokesperson noted, “This integration with MoonPay provides our Venmo customers a seamless way to engage with cryptocurrency.”
• MoonPay’s team went further to highlight, “We’ve seen bank restrictions on crypto purchases, and our partnership with Venmo will help users bypass these hurdles.”

Why It Matters:

This shows that PayPal wants to make using crypto easier for everyone and bring it to all of their users.

Allowing Venmo makes the process as simple and easy as ever and might get more people interested in crypto in the door.

All thanks to MoonPay, which is looking to become the "front door" to crypto onboarding.

The barriers to entry are being broken down one-by-one and broader adoption will come. Be patient.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Ethereum led NFT trading volume with $4.7M on the day; Bitcoin was next with $3M, and then Solana with $1.7M
• ETH NFT leaders mostly chopped; Punks even at 26.3 ETH, Pudgy even at 9.04, BAYC +2% at 11.1; Milady -3% to 4.72
• Raw Pass (+85%) and The Llamas (+55%) led top movers
• BTC NFT leaders were mostly red; NodeMonkes -2% at 0.162 BTC, Puppets -5% at 0.16 BTC, OMB -1% at 0.19, Quantum Cats even at 0.249
• New Ordinals mint Gizmo the Cat saw 8 BTC volume and has opened at a 0.0024 BTC floor (from a free mint)
• The Runes leaders were mostly mixed; DOG -2% at $550M mc, PUPS +20% at $153M, RSIC -3% at $94M mc, BDC +3% to $95M
• Solana NFT leaders were mostly green with Mad Lads +1% at 47 SOL, SMB +3% at 20 and RCs +11% at 32
• Sotheby's announced it will host AI artist Botto in "Exorbitant Stage: Botto, a Decentralized AI Artist" opening today

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are green up 1%;  BTC +1.5% at $67,970; ETH +1% at $2,630, SOL +1% at $154; FTT was a top alt mover up 15%
• Memecoin majors were also red down 2-4%; DOGE -2%, SHIBA -4%, PEPE -3%, WIF -3%, BONK +2%, POPCAT +1%, and MOG +4%
• DOGE has broken out of a 6-month downtrend with its latest 10% move to $19.7B mc
• Bittensor (TAO) announced that smart contracts finally go live, allowing devs to deploy using Solidity and more
• The Bitcoin ETFs officially passed the $20B milestone, led by BlackRock with its $22.4B in inflows
• Worldcoin introduced a slew of updates at its live event, including a rebranding to "World," a Uniswap integration, a new World App 3.0, new World ID credentials and more
• MoonPay introduced Vemmo as its latest integration partner, unlocking crypto access to its 60M US users
• An Ethereum phone called "dGEN1" has launched from ethOS, featuring a Touchscreen, a Matrix, side Grips & a Laser, and runs the ethOS mobile op system; it's minting is live on Base, priced at 0.2 ETH (or 59k DEGEN)
• Coinbase Advanced announced it will add support for $TURBO perpetual future listings
• Kraken introduced $kBTC, an ERC-20 fully backed by Bitcoin, held transparently and securely by Kraken
• Galaxis has teamed up with the TV Show "Killer Whales" to showcase its web3 SocialFi platform and empower creators

🚀 Memecoin Movers 

• $REMILIA (+225% to $16M market cap, SOL)
• $DOLAN (+44% to $86M market cap, SOL)
• $GME (+43% to $19M market cap, ETH)
• $MOODENG (+40% to $110M market cap, SOL
• $DOGE (+38% to $38M market cap, ETH)

📈 NFT Floor Price Increase (ETH)

• God's Remix (120%, 0.23 ETH Floor)
• Aardvarks (90%, 0.07 ETH)
• raW Pass (85%, 0.06 ETH)
• The Llamas (56%, 0.89 ETH)
• CryptoSkulls (43%, 0.1 ETH)

🗓 Upcoming Mints and Events

Today is a slower day of mints and events to end the week.

The highlight is likely Ape Fest kicking off in Lisbon, so stay tuned for any surprise announcements stemming from that.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• Ape Fest Lisbon (8:00 a.m. ET)
• Valannia (9:00 a.m. ET)
• Memes by 6529 (2:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.