FinTech: Cryptocurrencies Now On Venmo

April 20, 2021 | Digital Assets, FinTech, News

Venmo customers can now transact cryptos from within the app.

Social payments, or P2P, app Venmo has launched the facility to buy, sell or hold cryptocurrencies from within its app. Users can buy bitcoin, ethereum, litecoin, or bitcoin cash with as little as $1 and enjoy the thrills of owning cryptocurrencies. (PayPal)

Venmo users, therefore, get an additional crypto facility beyond their “social payments” such as paying or receiving money from friends, shopping, splitting bills, or sending a gift.

Crypto on Venmo

Effective today, Venmo users simply have to click on “Crypto” in the menu at the top right of the app. They can then use a debit or credit card, or their account balance to buy any of the four aforementioned cryptocurrencies.

Users can also check out cryptocurrency trends, sell cryptos, and learn from in-app crypto resources. Also, if they’re enjoying the rollercoaster ride from holding cryptos, they can also share the experience with friends through their app feed.

“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,” said Darrell Esch, SVP and GM, in a statement. “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. 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.”

PayPal and cryptos

By adding cryptos to Venmo, PayPal (NASDAQ: PYPL) is seeking to educate its customers on the growing potential of cryptos. The move drives understanding and utility of cryptocurrencies on a mass scale.

Last month PayPal made it possible for its U.S. account-holders to pay for their online shopping using cryptos. The new feature, dubbed “Checkout with Crypto,” allows PayPal customers to instantly convert their crypto holdings of bitcoin, litecoin, ethereum, or bitcoin cash into a fiat currency such as the U.S. dollar and pay for their order.

Related Story:  U.S. Shoppers Can Now Pay With PayPal’s New “Checkout With Crypto”                                                  

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