Venmo adds support for cryptocurrencies
Venmo has announced the launch of a feature that would allow millions of customers in the United States to store, buy, and sell popular cryptocurrencies. According to the official announcement, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin."Venmo today announced the launch of crypto on Venmo, a new way for Venmo's more than 70 million customers to buy, hold and sell cryptocurrency directly within the Venmo app," the press release stated.
PayPal added that the feature is available to Venmo users starting today. It offers customers a first step in their crypto journey alongside the many ways they already use Venmo to spend and manage their money.
Thanks to this new feature, Venmo customers can view cryptocurrency trends and buy or sell cryptocurrencies. They will also gain access to in-app guides and videos to help answer commonly asked questions. This will help them learn more about the cryptocurrency world.
Darrell Esch, SVP and GM, Venmo stated that "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. 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."
He added that Venmo is committed to providing its customers with an easy-to-use platform that simplifies the process of buying and selling cryptos. They also want to demystify some of the common questions and misconceptions that consumers may have.
Venmo customers already into crypto
Venmo made the move to provide cryptocurrency features as some of its customers are already buying and selling the digital currencies. According to the 2020 Venmo Customer Behavior Study, over 30% of its customers are already buying cryptocurrencies or stocks. Moreover, 20% of them joined the market during the pandemic.Venmo is owned by PayPal, one of the leading online payment service providers in the world. PayPal began offering cryptocurrency services last year and is already facilitating millions of dollars in transactions to its millions of customers. Venmo's entry into the crypto space shows PayPal's willingness to expand its presence in the market.
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