Venmo Adds Support To Buy, Sell And Store Cryptocurrencies In-App
PayPal is doing its best to bring the world of cryptocurrency into the mainstream. A couple of weeks ago, PayPal added a "Checkout With Crypto" option to its payment service, and now it is bringing Venmo into the fold. For as little as $1, anyone with a Venmo account can buy and sell four different types of cryptocurrency from within the mobile app.
Easy access to cryptocurrency takes away one of the major pain points for users who want to jump on board the crypto-train with minimal fuss. Darrell Esch, senior vice president and general manager of Venmo, acknowledged this, saying Venmo makes the process of buying and selling cryptocurrencies simple and easy, and that it "demystifies some of the common questions and misconceptions" people might have about the world of crypto.
"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," Esch added. "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."
Whether or not this moves the needle for cryptocurrency remains to be seen, but it has the potential to make an impact. Venmo is home to more than 70 million users. Citing a 2020 Venmo customer behavior study, PayPal says nearly a third of Venmo users are already purchasing cryptocurrencies, 20 percent of which begain during the pandemic.
Opening up crypto to Venmo's audience could see those same users become even more deeply entrenched in digital currencies, as well as broaden crypto's reach. PayPal also sees this as part of its commitment towards "educating its customers on the potential of digital currencies as they continue to grow and drives understanding and utility of cryptocurrencies on a mass scale."
Venmo is kicking things off with four crytpocurrencies, those being Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Noticeably absent is Dogecoin, the meme-based digital currency that is now running with the big dogs of cryptocurrency, after having increased in value over 8,000 percent in recent weeks.
The ability to buy and sell crypto on Venmo is rolling out today.