PayPal-owned mobile payment service Venmo has introduced crypto services on its app. With the newly-added feature, Venmo users can now buy, sell, and hold cryptocurrencies with as little as $1. Venmo’s more than 70 million users will be able to explore the crypto option on their Venmo mobile app. The payment service announced the launch of crypto on its app in a press release published on the 20th April. Users can now use the new feature by clicking “crypto” in the Venmo menu at the top right of the app.
Like PayPal Holdings Inc (NASDAQ: PYPL), Venmo is supporting four cryptocurrencies. The supported cryptocurrencies on the Venmo app include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Also, the new feature will provide in-app guides and features that will help users learn more about the crypto market. Customers also have the option of sharing their crypto journey with friends after transactions on the Venmo feed.
In addition, customers will have access to buy and sell crypto by using a link bank account or debit card. They can also use funds on their Venmo balance. In the press release, Venmo said that all transactions are managed in the Venmo app.
The senior vice president and general manager of Venmo, Darrell Esch, commented on the launch. Esch said that the new feature would serve as a reliable bridge to help Venmo users explore the cryptocurrency space. Speaking further, the Venmo executive mentioned the company’s aim by launching the new service on its platform. He said:
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“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.”
Already, the 2020 Venmo Customer Behavior Study revealed that over 30% of Venmo customers have been buying crypto or equities. Out of the total number of Venmo users purchasing crypto to equities, 20% of them began during the pandemic. The company said the introduction of crypto on Venmo will now give the “broader Venmo community.”
New Crypto Feature to Be Available Soon
Customers will be able to access the crypto on Venmo feature through the Venmo app within the next few weeks. Esch said:
“No matter where you are in your cryptocurrencies 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.”
The recent surge in cryptocurrencies, especially Bitcoin, can be tied to the involvement of institutions in the crypto market. Last month, PayPal launched the “Checkout with Crypto” feature for its customers in the US. Also, electric vehicle maker Tesla Inc (NASDAQ: TSLA) has also started accepting Bitcoin as a payment form for its products.
Also see: Should You Invest in Bitcoin?
