Paypal-owned payment app, Venmo has launched its “Crypto on Venmo” feature to allow its diverse customers to buy, hold and sell four of the biggest digital currencies.
With support for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), any of Venmo’s 70 million customers can purchase these coins for as low as $1.
The era in which digital currencies get into their mainstream adoption curve is nearer. Based on the growing trend, payment firms are looking for access to be one of the early adopters of digital currency and its payment capabilities. Paypal had already extended its support for the same set of cryptocurrencies last year, and Venmo’s integration of crypto payment and trading reiterates the plans by the firm to take the lead in rolling out access to this nascent asset class.
“Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, within the Venmo environment they trust and rely on as a key component of their everyday financial lives,” said Darrell Esch, SVP and GM, Venmo. “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.”
The decision to roll out Crypto on Venmo is fueled by the realization that about 30% of Venmo customers already interact with cryptocurrencies. According to the company, about 20% of this number began interacting with digital currencies during the coronavirus pandemic. Rolling out the Crypto on Venmo feature will level the playing field for everyone to own and keep custody of Bitcoin and other related assets.
Venmo’s crypto enablements also come with a crypto education section in which users can explore some basic guides about the asset classes. As a way to boost user’s experience, customers can share their crypto experience with their friends by choosing to publish on the Venmo feed.
