A top Cathie Wood fintech analyst compared the key Cash App, Venmo and Coinbase cryptocurrency features, which may surprise you.
Maximilian Friedrich of ARK Invest went through the fees and offerings of three of the top cryptotrading applications in a Wednesday tweet.
The analyst found that these key features vary greatly between different apps and how much they plan to spend on the crypto space will be the best option for consumers.
As far as fees are concerned, Cash App was the least expensive for Low-Level Bitcoin purchases whereas CoinBase was the most expensive for bigger crypto pickups.
“Mainly because Venmo fees are higher than Cash App/Coinbase it seems less competitive while offering significant currencies”
Cash App charged $0.03, Coinbase did not charge, and Venmo charges $0.50, for shopping for $1 bitcoin or less.
Cash fee for the Cash App is $0.15 at $5 or less, and $0.99 for the Coinbase and $0.50 for Venmo.
Cash App charges $17.56 at the $1000 mark of Bitcoin, while $14.68 is charged to Coinbase and $18 to Venmo.
Coinbase was the clear winner in terms of functionality. Users have 53 digital currencies buyed, sold, maintained, sent or removed from the app.
The Cash App offers these features only for bitcoin, whilst Venmo does not allow withdrawals or P2P payments to be purchased, selling and maintaining features for bitcoin, ethereum, litecoin, and bitcoin cash.
In his Tweet Freidrich wrote that these comparisons are not apples in each platform given the various usage cases. He also notes that fees for various applications users may vary.
The analyst of ARK said he anticipates that Venmo’s owner Paypal is ready to pay P2P cryptography on its platform soon.
Coinbase has been focused on crypto space since it was founded in 2012, but Cash App has started permitting crypto-transactions in 2018 and Venmo PayPal announced its arrival on Tuesday.
