Venmo, PayPal’s peer-to-peer (P2P) mobile payment app, has launched its cryptocurrency trading service. The company announced this on April 20 in a press release.
In the coming weeks, it will be possible for Venmo’s more than 70 million users to buy, sell and store crypto in the payment app. Four different crypto are initially supported: bitcoin (BTC), ethereum (ETH), litecoin (LTC) and bitcoin cash (BCH).
Venmo is a social payment app meant for friends and family to split bills and pay jointly. The app will also include instructions and videos to help people new to crypto get started. Venmo is currently only available in the United States.
“Crypto on Venmo is a new way for the Venmo community to explore the world of crypto, within the Venmo environment they trust and rely on as an important part of their day-to-day financial lives.
Crypto on Venmo helps our community 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 crypto and resolves some of the common questions and misconceptions that consumers may have. ”
Says Darrell Esch from Venmo. Venmo, like PayPal, works with the Paxos Trust Company which handles the underlying transactions. Users can buy crypto from as little as $ 1 via the Venmo app.
A 2020 survey found that 30% of Venmo customers have already started buying crypto or stocks through the app and 20% started during the corona pandemic. Shortly after PayPal’s announcements to offer crypto, prices erupted, but that does not seem to be the case now.