Venmo, Paypal’s mobile app, announced the launch of crypto on Tuesday. According to Venmo, customers can now view cryptocurrency trends, buy or sell crypto and access in-app guides and videos to learn more about digital currencies. Users have access to four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash — with a minimum spending requirement of $1, reports CNBC.
“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, senior vice president and general manager of Venmo. “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,” he said.
Venmo is one of the most popular digital payment services in the U.S. with 70 million users. The service is especially popular among younger Americans to make payments or split purchases, reports CNBC.
According to the 2020 Venmo Customer Behavior Study, more than 30% of customers have started purchasing crypto or equities. Of those customers, 20% started during the pandemic. Crypto popularity is steadily rising in 2021. CNBC reported that Tesla bought $1.5 billion worth of Bitcoin earlier this year, and Paypal agreed to buy Curv, a cloud-based wallet that offers digital asset security, for nearly $200 million.
Venmo stated that crypto is enabled through Paypal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services. “I’m extremely proud we built the platform that powers PayPal’s cryptocurrency service. PayPal shares our commitment to building an open, digital economy,” Charles Cascarilla, Paxos co-founder and CEO, wrote in an October 2020 blog on the company’s website.
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