The Venmo payment app will now allow users to buy, sell and hold four cryptocurrencies, including bitcoin, ethereum, litecoin and bitcoin cash, according to a press release from the company on Tuesday morning. But users won’t be able to send cryptocurrencies like bitcoin to their Venmo friends yet.
“Venmo customers can start their crypto journey with as little as $ 1 by clicking ‘Crypto’ in the Venmo menu at the top right of the app,” the company said in A declaration.
“Customers will have the ability to buy and sell cryptocurrency using funds from their balance with Venmo, or a linked bank account or debit card. All transactions are handled directly in the Venmo app, ”the statement continued.
Launch comes after Venmo’s parent company PayPal announces the addition of identical crypto features last month. But a PayPal spokesperson confirmed to Gizmodo by email on Tuesday morning that Venmo users would not be able to do so. send cryptocurrencies to each other. It’s not even clear if this feature is in the works, although it seems logical, given that Venmo’s main selling point is the ability to share money with friends.
With over 70 million users, the decision to open up the crypto world to Venmo users will almost certainly be. help make cryptocurrencies more mainstream, but will do little to create more stability in the larger counterfeit market. Bitcoin has seen wild swings throughout its life and the coin has fallen 15% during the weekend.
More than 30% of Venmo users already trade cryptocurrencies, according to the company, with 20% since the start of the coronavirus pandemic in early 2020.
“Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, in the Venmo environment they trust and rely on as a key part of their daily financial life.” said Darrell Esch, SVP and General Manager of Venmo. in a statement posted online.
“No matter where you are in your cryptocurrency journey, Crypto on Venmo will help our community learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love. ”, Continued Esch.
“Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrency and demystifies some of the common questions and misconceptions that consumers may have.”