Venmo announced the launch of its Crypto on Venmo service, which allows more than 70 million users to buy, sell and own four types of cryptocurrencies, including bitcoin, through the popular Venmo app. Venmo’s new crypto service is another example of Paypal’s involvement in the crypto space, the company said.
Venmo launchescrypto service
Venmo, a service of Paypal, announced Tuesday the launch of Crypto on Venmo, described as a new way for Venmo’s more than 70 million customers to buy, hold and sell cryptocurrencies directly in the Venmo app. Delivery starts today. The announcement continues:
Customers using crypto-currencies on Venmo can choose from four types of crypto-currencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When making a transaction, customers can also share their cryptocurrency journey with their friends through the Venmo feed.
The Venmo app allows users to invest in crypto-currencies starting at $1. Customers can use money from their Venmo balance or link a bank account or debit card to make a purchase.
Darrell Ash, senior vice president and general manager of Venmo, explains: Our goal is to provide our clients with a user-friendly platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the questions and misconceptions consumers may have.
Venmo is licensed by the New York State Department of Financial Services to do business with virtual currencies, its website explains, stating that buying, selling and owning cryptocurrencies with Venmo is not possible in Hawaii and is illegal there. Crypto on Venmo is made possible through a partnership between Paypal and Paxos Trust Company, a regulated provider of cryptocurrency products and services, the statement said.
More than 30 percent of Venmo customers have already started buying cryptocurrencies or stocks, including 20 percent during the pandemic, according to a survey of Venmo customers’ behavior in 2020. The announcement adds:
With the introduction of this feature, Paypal aims to raise awareness of the potential of digital currencies and massively promote the understanding and usefulness of cryptocurrencies.
What do you think of Venmo’s launch of this cryptocurrency service? Let us know your comments in the section below.
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