Venmo has introduced a feature that allows customers to buy, sell, and store cryptocurrencies directly within the app
PayPal-owned Venmo has announced the support of cryptocurrencies on its app, starting yesterday. The latest feature will allow its 70 million customers to buy, sell, and store cryptocurrencies directly within the app.
Venmo said in its press release it will begin 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 help answer commonly asked questions and learn more about the world of crypto. When they make transactions, customers can also choose to share their crypto journey with their friends through the Venmo feed,” the press release added.
Darrell Esch, Senior Vice President of Venmo, said the addition of cryptocurrency features on its payment app is to provide a new way for its community to start exploring the world of crypto. “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 added.
The decision to provide cryptocurrency features was an easy one for Venmo. According to the 2020 Venmo Customer Behavior Study, over 30% of its customers are already buying cryptocurrencies and stocks, with 20% of them joining the market during the pandemic.
PayPal, the parent company of Venmo, entered the cryptocurrency market a few months ago. The press release pointed out that Venmo’s entry into the crypto space shows PayPal’s commitment to educating its customers on the potential of digital currencies. PayPal aims to continue to grow and drive understanding and utility of cryptocurrencies on a mass scale.
Venmo told its customers they can start buying the four listed cryptocurrencies with as little as $1. “Customers will have the ability to buy and sell cryptocurrency using funds from their balance with Venmo, or a linked bank account or debit card. All transactions are managed directly in the Venmo app,” the company explained.
The cryptocurrency feature on Venmo was enabled via a partnership between PayPal and Paxos Trust Company. Venmo’s crypto service is available to customers in New York after PayPal was granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS).