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Mobile payment service Venmo announced its crypto investing service today, allowing its 70 million customers to buy, hold and sell cryptocurrency directly within the app in the coming weeks.
Customers using crypto on Venmo can choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Venmo makes a crypto move
As per the release, customers can view cryptocurrency trends, buy or sell crypto, and access in-app guides and videos to help answer commonly asked questions and learn more about the world of crypto.
Crypto on Venmo is herehttps://t.co/3zU5SW5igw
— Zhu Su (@zhusu) April 20, 2021
“Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, within an environment they trust and rely on as a key component of their everyday financial lives,” said Darrell Esch, senior vice president at Venmo.
Esch added that crypto on Venmo would allow users to learn and explore cryptocurrencies on a trusted platform and using an in-built investing service on the app.
“Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have,” he stated.
Rising user demand
According to a 2020 Customer Behavior Study, over 30% of Venmo customers reported that they had already started purchasing crypto or equities, 20% of which started during the pandemic.
Now, with the introduction of crypto, the company says users will now have access to an easy-to-use and intuitive crypto platform to help them take part in the cryptocurrency market.
It added the launch of the feature furthers PayPal’s commitment to educating its customers on the potential of digital currencies as they continue to grow and drives understanding and utility of cryptocurrencies on a mass scale.
Some Venmo customers will be able to use crypto as it keeps going more mainstream… But will they still go higher just because of wider spread adoption?
— Jim Cramer (@jimcramer) April 20, 2021
Crypto on Venmo is enabled through PayPal’s (its parent company) partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.
PayPal was also granted a first-of-its-kind conditional Bitlicense by the New York State Department of Financial Services (NYDFS), allowing PayPal and Venmo to offer its customers the ability to buy, sell and hold cryptocurrency.