Venmo has announced that its 70 million users can now buy, hold, and sell cryptocurrencies on the app, with “Crypto on Venmo.” Venmo is a mobile payment service owned by PayPal.
Venmo users will now be able to buy bitcoin (BTC), ethereum (ETH), litecoin (LTC) and bitcoin cash (BCH) within the application. Along with buying, holding, and selling, users can learn more about the crypto sphere through in-app guides and videos.
Venmo is also a social networking app, so users can share updates about their crypto purchases as well.
Crypto exposure with the safety of the app
According to Darrell Esch, SVP and GM of Venmo, Crypto on Venmo enables users to learn about crypto in an environment they trust. Esch added:
“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.”
Venmo performed a customer behavior study in 2020. According to the results, more than 30% of Venmo users have already started purchasing crypto or equities. Notably, 20% of them started during the pandemic.
Furthering PayPal’s crypto developments
The launch of the feature is an initiative on the part of PayPal to further educate its customers about the potential of digital currencies.
Last month Reuters announced that PayPal’s American customers would be able to use their crypto holding to make payments. “Checkout with Crypto” also enables users to pay with bitcoin, ether, bitcoin cash, and litecoin.