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Payment app Venmo now supports cryptocurrencies

invezz.com 22 April 2021 03:19, UTC
Reading time: ~2 m

PayPal’s mobile payment app Venmo has now enabled the buying, holding, and selling of Bitcoin and other crypto assets on its platform.

The move may not be as significant as PayPal’s acceptance of crypto transactions, but it’s a further step towards mainstream crypto adoption.

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Venmo is introducing a new feature on its platform that will allow users to invest in four different assets – Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

Venmo’s social feed is also available for users who want to share their crypto purchases with friends.

BitPay and Cash App have also enabled crypto transactions

The move is an expansion of the initial decision by PayPal to allow users to buy cryptocurrencies through its platform. And a few weeks ago, the payment giant started allowing users to pay for services on its millions of online merchants using their crypto holdings.

PayPal announced its plans to include Venmo in its crypto offering expansion last year. This development could help make cryptocurrencies more accessible to everyday users.

Apart from Venmo, other payment apps have also opened their doors to cryptocurrency payments, including Square’s Cash App and BitPay.

Expanding crypto offerings to 70 million users

As one of the most popular digital payment services in the U.S., Venmo commands an impressive number of users.

The payment app made an interesting revelation when it says the crypto payment offering will be able to reach 70 million users. Most of the users may not be very enthusiastic about crypto or may not have owned crypto assets before. But this exposure, according to Venmo, will provide crypto options for such users, which encourages more crypto adoption.

Venmo is particularly popular among younger Americans who use the app for split purchase payments with family and friends.

General Manager of Venmo, Darrel Esch, stated that the goal of the company is to offer an easy-to-use platform for its users, which simplifies the process of buying and selling crypto assets.

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