Venmo Allows its 70 Million Customers to Now Buy, Hold, and Sell Crypto Directly Within the App

Venmo, a mobile payment service owned by PayPal, announced the launch of crypto on its app on Tuesday, describing it as a new way for Venmo's more than 70 million customers to deal with crypto within the app.

Venmo customers would now be able to buy, hold and sell cryptocurrency directly within the Venmo app. The roll-out starts today and will be available for all customers within the next few weeks.

For now, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) are the only supported crypto assets. BTC 0.71% Bitcoin / USD BTCUSD $ 43,597.69
$309.540.71% Volume 29.09 b Change $309.54 Open $43,597.69 Circulating 18.83 m Market Cap 820.84 b 1 d Senator Toomey Urges US Lawmakers to Adopt Crypto and Gain 'Huge' Advantage over China 2 d Crypto Investors Approaching Large Institutions in Bond Market for Loans Against Digital Assets 2 d Cryptocurrency Market Tanks on the Same Old China Ban News, But Investors Who Sell Here Will End Up “Bummed” ETH 2.71% Ethereum / USD ETHUSD $ 3,083.07
$83.552.71% Volume 18.77 b Change $83.55 Open $3,083.07 Circulating 117.7 m Market Cap 362.86 b 21 min DeFi Rallies on China Ban as Chinese Turn to Decentralized Projects, Crypto Prices Recover to Pre-ban Levels 23 h YFI Creator Andre Cronje Launches a Vampire Attack on Popular Ethereum NFT Marketplace OpenSea 2 d Cryptocurrency Market Tanks on the Same Old China Ban News, But Investors Who Sell Here Will End Up “Bummed” LTC 0.63% Litecoin / USD LTCUSD $ 152.41
$0.960.63% Volume 2.92 b Change $0.96 Open $152.41 Circulating 66.75 m Market Cap 10.17 b 4 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 4 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End 1 w Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time BCH -1.68% Bitcoin Cash / USD BCHUSD $ 505.56
-$8.49-1.68% Volume 5.55 b Change -$8.49 Open $505.56 Circulating 18.86 m Market Cap 9.53 b 4 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 4 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End 1 w Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time

Users can buy as little as $1 by clicking “Crypto” on Venmo. They can buy or sell digital assets using funds from their balance within the app or a linked bank account or debit card. All transactions are managed directly in the Venmo app.

This service is enabled through PayPal’s partnership with Paxos Trust Company. Darrell Esch, SVP and GM, Venmo said,

“Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto,”

“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.”

Customers can also share their crypto journey with their friends through the Venmo feed.

In its official announcement, Venmo further shared that its 2020 Venmo Customer Behavior Study revealed that more than 30% of Venmo customers are already purchasing crypto or equities. 20% of them started during the pandemic only.

When PayPal first announced crypto support last year in October, the company had shared that this service will soon be coming to Venmo as well to drive the “utility of cryptocurrencies on a mass scale.”

At the end of March, PayPal itself allowed US customers to pay with crypto with millions of merchant networks.