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 -6.68% Bitcoin / USD BTCUSD $ 36,286.56
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-$10.65-9.45% Volume 1.61 b Change -$10.65 Open $112.66 Circulating 69.47 m Market Cap 7.83 b 1 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card BCH -10.20% Bitcoin Cash / USD BCHUSD $ 308.29
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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.