Venmo Is Following Suit By Launching Crypto Trading For Four Major Coins
Venmo Is Following Suit By Launching Crypto Trading For Four Major Coins
April 24, 2021
Venmo Is Following Suit By Launching Crypto Trading For Four Major Coins
Venmo Is Following Suit By Launching Crypto Trading For Four Major Coins
April 24, 2021

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. 

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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.

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.”

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Source: Cointelegraph | Image: Investor Place | NPR


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.