Venmo users can buy and sell cryptocurrencies
Venmo is one of the most popular digital payment services in the U.S. and has more than 70 million users. Venmo will support four types of cryptocurrency - Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
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,” said Darrell Esch, a senior vice president and general manager of Venmo.
Esch further says that, “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.”
Users will have the ability to buy and sell using funds from their Venmo balance, or a linked bank account or debit card.
Venmo said its crypto feature was developed in partnership with blockchain infrastructure firm Paxos, which PayPal has also used for its other digital asset initiatives. PayPal was awarded a license to engage in crypto activities from New York regulators last year.
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