The “Crypt on Venmo,” a service that allows Venmo’s 70 million users the ability to buy, hold, sell and learn about cryptocurrency within the Venmo app, has been launched by Venmo–mobile PayPal’s electronic payment platform.
“Venmo crypto is a new way for the Venmo community to start exploring the world of cryptography and rely on it as a key part of their daily financial lives within the Venmo environment,” said Darrell Esch, Venmo SvP and GM.
“Wherever you go, cryptography on Venmo can help our community learn and explore cryptocurrencies on the trustworthy platform and directly in its app. Our aim is to provide our customers a user-friendly platform that simplifies the process of cryptocurrencies and selling and dismisses some of the common misconceptions and questions that consumers may have.”
At present, Venmo users are allowed to purchase BTC, ETH, LTC and BCH via the app, with a minimum purchase allowance of $1.00. Venmo is looking to provide more educational resources to enable users to learn about the new digital asset market, not to mention the ability to trade digital currency.
An anticipated offering
Venmo has long anticipated a digital currency offer. When PayPal first announced its own digital currency services, it said that it plans to expand Venmo in “earlier 2021,” and now Venmo’s users are starting to get the service. Venmo Crypto has become available for some users but in the following weeks, it will be available to all users.
More than 30 percent of Venmo’s customers have already begun sharing cryptocurrency or equity, 20 per cent of which began during the pandemic, accordingly in Venmo’s 2020 Customer Behavior Study. These data may have catalyzed Venmo to implement a digital currency proposal, allowing its users, instead of providing their business to another service provider, to purchase digital currency through Venmo.
