Venmo, owned by PayPal, is following suit by launching cryptocurrency trading for four major coins – Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
It has been reported that Venmo’s 70 million+ customers will be able to buy, hold and sell crypto directly within the Venmo app, as it is set to be widely available within the new few weeks.
However, the launch is offering users access to in-app guides to help them to better navigate the cryptocurrency trading space and will encourage them to share their cryptocurrency experiences via the Venmo feed.
The report said that Venmo users will be able to buy as little as $1 worth of cryptocurrency and can use either fund from their Venmo balance or from a linked bank account or debit card to buy and sell their holdings.
According to the company’s research into 2020 customer behavior over 30% of Venmo customers have already begun to purchase cryptocurrency or equities. Of these, 20% began their purchase during the COVID-19 pandemic by suggesting that the public health and concurrent economic crisis has accelerated trends in digitization and experimentation with new financial technologies.
Likewise, support for cryptocurrency on Venmo is facilitated through a partnership with Paxos Trust Company, a regulated provider of crypto products such as its stablecoin and other services. Venmo owner PayPal is also the holder of a conditional BitLicense from the exacting New York State Department of Financial Services.
Will you Venmo your friend some #BTC? The PayPal-owned platform has launched crypto trading for over 70 million customers today. Is this bullish news? https://t.co/hyTUdxYtv5 — Cointelegraph (@Cointelegraph) April 20, 2021
Conditional licensees, such as PayPal, are required to pair off with firms that have already been granted full-blown licenses. Just under a week ago, Dan Schulman, the CEO of PayPal, hinted at developments underway since the payments giant first went LIVE with its crypto offering in the United States in November of last year.
Schulman said that PayPal aims to support the use of crypto for everyday transactions and to tap into smart contracts and other, more expansive features of blockchain technology.
Thus, he also pitched the company’s vision of leveraging crypto for the attainment of a more “inclusive economy,” in which “things will be done much differently than today.”
Source: Cointelegraph | Image: Investor Place | NPR