PayPal subsidiary, Venmo has added the support to allow its users to buy, sell and hold cryptocurrencies directly from the digital wallet application.
The company started to roll out the new services on Tuesday and is adding trading support along with four top digital currencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. The app will further educate its more than 70 million user base with access to in-app guides and videos of cryptocurrencies.
Venmo will allow its users to purchase cryptocurrencies from as low as $1. The platform has tapped Paxos for access to cryptocurrency products and services.
PayPal Is Bringing Crypto to the Masses
The addition of crypto-support at Venmo was already known as its parent PayPal revealed such plans last year. PayPal itself added cryptocurrency trading services, which is helping to bring digital currencies closer to the mainstream with the platform’s global reach.
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PayPal is even allowing its US-based users to pay merchants with digital currencies. However, the merchants on the platform are receiving the payments in fiats.
Commenting on Venmo’s dive into crypto, SVP and GM, Darrell Esch said: “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.”
Venmo’s crypto addition came as its user base is heavily investing in the decade-old space outside the platform. According to a survey consulted by the company, over 30 percent of its customers have started purchasing cryptocurrencies or equities.
“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,” Esch added.