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Users of the Venmo payment app will now be able to buy, hold, and sell cryptocurrencies, announced parent company PayPal. With over 70 million users, Venmo is one of the most popular digital payment services in the United States.
Users of Venmo Can Now Buy and Sell Cryptocurrencies
After introducing cryptocurrency payment services for its users last month, PayPal is now driving its subsidiary Venmo towards launching a similar service that will allow its customers to purchase and trade cryptocurrencies directly on the app.
Similar to PayPal, Venmo will allow trading in four particular cryptocurrencies namely Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) with a minimum spending requirement of just $1 and pay via their linked bank account or debit card.
Darrell Esch, a senior vice president and general manager of Venmo, said:
“No matter where you are in your cryptocurrency journey, crypto on Venmo will help our community to learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love. 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.”
Users also have the option to share their crypto purchases with their networks through Venmo’s social feed.
The feature was rolled out to some users on April 20th, but it will take a few weeks to reach all customers.
Partnership with Paxos Made this Possible
Both Venmo and PayPal’s support for cryptocurrencies comes amid a partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services. Last year, the crypto firm was awarded a license to deal with digital asset trading from the regulators in New York.
Additionally, to let users know more about cryptocurrencies, the payment giant said it will make users access to in-app guides and videos to help them learn more about digital assets.
PayPal had already announced its plans to introduce cryptocurrency on Venmo in 2021.