With the loading of Bitcoin into the mainstream, a growing number of established payment providers are embracing cryptocurrency. Today, PayPal-owned Venmo is opening up crypto trading by offering members the ability to buy, hold and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Venmo users can purchase a digital asset starting at $ 1 using funds from their balance or a linked bank account or debit card. Members will also be able to track prices and access in-app guides and videos to learn more about virtual money.
The move allows Venmo to follow in the footsteps of Square’s Cash app, which introduced Bitcoin trading in 2017, amid a spike in demand for cryptocurrency. Venmo says 30% of its customers have already started buying crypto or equity, 20% of which started during the pandemic. But, with Venmo itself lacking a trading option so far, these users would inevitably have been forced to make these investments elsewhere. Cash App, for example, recently noted that 3 million people bought Bitcoin through its service in 2020 and 1 million new digital currency users did so in January alone.
Venmo’s parent has also made his own inroads into crypto. After opening trading to U.S. customers last November, PayPal started allowing users to pay with cryptocurrency in March. Crypto on Venmo is being rolled out today and will be available to customers in the app over the next few weeks.
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