PayPal today announced that Venmo users will soon be allowed to buy, hold and sell cryptocurrency directly within the Venmo app.
Beginning to roll out today and will be available for all customers directly in the Venmo app within the next few weeks, ‘Crypto in Venmo’ is allowing users to trade in just four types of cryptocurrency for now: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Venmo users can start crypto trading with as little as $1 by tapping on “Crypto” in the Venmo menu at the top right in the app.
It also provides cryptocurrency trends, in-app guides and videos to help answer commonly asked questions and learn more about the world of crypto.
“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.”
PayPal said that, according to the 2020 Venmo Customer Behavior Study, more than 30% of Venmo customers have already started purchasing crypto or equities, 20% of which started during the pandemic.
“With the introduction of crypto on Venmo, the broader Venmo community will now have access to an easy-to-use and intuitive crypto platform to help them take part in the cryptocurrency market. The launch of the feature furthers PayPal’s commitment to educating its customers on the potential of digital currencies as they continue to grow and drives understanding and utility of cryptocurrencies on a mass scale.”