Venmo has introduced a feature that allows customers to buy, sell and store cryptocurrencies directly in the app
PayPal’s Venmo announced cryptocurrency support for its app, starting yesterday. With the latest feature, 70 million customers can buy, sell and store cryptocurrencies directly in the app.
Venmo said in its press release that it will start with four cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. “With Crypto on Venmo, customers can view cryptocurrency trends, buy or sell crypto, and access in-app guides and videos to answer frequently asked questions and learn more about the world of crypto. When customers transact, they can also share their crypto journey with their friends via the Venmo feed. “ added the press release.
Darrell Esch, senior vice president of Venmo, said the addition of cryptocurrency features to his payments app should represent a new way for his community to explore the world of crypto. “Our goal is to provide our customers with a user-friendly platform that makes buying and selling cryptocurrencies easier and demystifies some of the most common questions and misunderstandings consumers face.” he added.
The decision to provide cryptocurrency functionality was an easy one for Venmo. According to the 2020 Venmo Customer Behavior Study, over 30% of customers are already buying cryptocurrencies and stocks, 20% of which will hit the market during the pandemic.
PayPal, the parent company of Venmo, entered the cryptocurrency market a few months ago. The press release indicated that Venmo’s entry into the crypto space demonstrates PayPal’s commitment to educating its customers about the potential of digital currencies. PayPal aims to keep growing and promoting the understanding and use of cryptocurrencies on a large scale.
Venmo informed its customers that they can buy the four listed cryptocurrencies from as little as 1 US dollar. “Customers have the ability to buy and sell cryptocurrency with funds from their Venmo balance or a linked bank account or debit card. All transactions are managed directly in the Venmo app. “ explained the company.
Venmo’s cryptocurrency feature was activated through a partnership between PayPal and Paxos Trust Company. Venmo’s crypto service is available to New York customers after PayPal received a conditional bit license from the New York State Department of Financial Services (NYDFS).