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Venmo has included crypto support for its users - TCR


www.thecoinrepublic.com 21 April 2021 01:11, UTC
Reading time: ~2 m

  • Venmo will now allow its users to buy, sell, and pay with virtual currencies
  • With the crypto services, the platform has also added in-app guides for newbies
  • The firm expects that the latest addition will demystify few common misconceptions of individuals
  • Venmo’s move has witnessed that cryptos are creeping ever closer towards mainstream acceptance

Venmo, a platform owned by the payments giant PayPal, has announced on Tuesday to allow its users to buy cryptocurrencies. Following the scenario, as cryptos are getting mainstream, the platform has added crypto services to put cryptocurrency in the palm of every individual’s hand. It is known the platform will allow its users to purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for just $1. Moreover, the users can follow in-app guides and videos if they feel confused and inaccessible.

What does Venmo aim with its latest move?

Venmo has added crypto services in its mobile application. According to Darrell Esch, the firm’s senior vice president and general manager, the payments firm expects to demystify a few of the common misconceptions that few clients have. Indeed, to clarify such misunderstandings, the firm has added crypto buy, sell, and payments options. 

With the addition of the features, the firm will also help guide the newbies in such cryptocurrency things. Following a few commonly asked questions, Venmo shared information regarding the cryptosphere.

Cryptocurrency is creeping ever closer to mainstream acceptance

Last week since the first-ever crypto start-up to get public, Coinbase launched its IPO, the prices in the cryptocurrency market skyrocketed. Crypto advocates have spent years insisting that Bitcoin, Ethereum, and other altcoins could bring the revolution. Yet, no one saw such revolution brought by the industry. However, since Venmo announced the addition of crypto service with guidance for its users, it seems like now the revolution has come. The features of the payment firm with more than 70 million users have set an example that cryptocurrency is now more close to mainstream acceptance.

Like Venmo, many other major firms have also started to recognize cryptocurrencies in recent days. Such firms also include Tesla, which is now accepting Bitcoins in exchange for its products. Payments processors like Mastercard and Visa are also working to streamline digital currencies in their networks. Major financial banks like Morgan Stanley and Goldman Sachs have also announced to offer Bitcoin trading options for their users. 

Following the entire scenario, it can be considered that Bitcoin has already achieved mainstream adoption, attention, and acceptance. Still, there are many projects with the potential to get mainstream attention.

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