Venmo is joining the cryptocurrency rollercoaster, by allowing its more than 70 million users to buy, hold and sell cryptocurrency within the Venmo app — and the rollout starts today.
Venmo customers can start using crypto with a mere $1 and can buy and sell crypto using funds from their balance with Venmo or their linked bank account or debit card. The four cryptocurrencies users can choose from are Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Although this new Venmo crypto features roll out today, all users will directly have access to it in the Venmo app “within the next few weeks,” the news release read.
The ability to use crypto on the app is made possible through its parent company PayPal and its partnership with Paxos Trust Company, a regulated crypto provider, according to the news release. PayPal has a “Bitlicense,” by the New York State Department of Financial Services, which allows both Venmo and PayPal to offer these crypto features.
“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,” Darrell Esch, SVP and GM, Venmo said in a statement. “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 crypto feature will also help educate customers about crypto by being able to look at crypto trends, access guides and videos to help answer questions and learn more about crypto in general.
Venmo conducted a study that showed that over 30% of its customers already started buying crypto or equities and 20% started during the COVID-19 pandemic.
In other recent crypto news, Coinbase had its public market debut in mid-April, where it had its direct listing instead of going the traditional IPO route.