Venmo on Tuesday introduced a new feature that will enable customers to trade cryptocurrency. Thus customers will be able to buy, hold and sell bitcoin and other digital tokens.
“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.” Darrell Esch -a senior vice president and general manager of Venmo.
The new development will allow Venom's 70 million customers in the United States to invest in four different cryptocurrencies — bitcoin, ether, litecoin and bitcoin cash — with a minimum spending requirement of $1. They can also share their crypto purchases with friends through Venmo's social feed.
Venmo is a popular name in the United States digital payment space, especially among younger Americans who use the app to make payments or split purchases with friends and family. The company has a customer base in excess of 70 million in the United States. In 2020, the app processed about $160 billion in payments and joins rival Cash App in enabling users to send and receive bitcoin with no fees on transactions.
The crypto feature, according to Venmo, was developed in partnership with blockchain infrastructure firm Paxos, which PayPal has also used for its other digital asset initiatives. The license to engage in crypto activities was awarded to PayPal by New York regulators last year.
Crypto on Venmo is rolling out starting today and should be available to all users within the next few weeks.