PayPal’s sister company, Venmo, has just rolled out crypto capabilities to its audience of more than 70 million users.
Venmo Adds Crypto
Venmo will now allow its users to invest in Bitcoin, Ethereum, Litecoin, and Bitcoin Cash directly on the app via a new feature dubbed “Crypto on Venmo.” Users can purchase, hold, and sell crypto worth as little as $1 on the app.
The payments app has also added in-app guides and video tutorials to spread cryptocurrency education.
Darrell Esch, the senior VP and general manager at Venmo, said:
“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 first launched the service on its global web and mobile application service in October last year. Recently, the payments giant also moved to fund purchases using cryptocurrencies.
Crypto on Venmo will also use Paxos Trust Company for custody and PayPal’s “first-of-its-kind conditional Bitlicense by the New York State Department of Financial Services (NYDFS)” to offer cryptocurrency purchases.
