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Venmo Now Lets You Buy, Sell, and Store Cryptocurrencies

Venmo offers its clients the chance to take part in crypto trading through its app.

cryptocurrency on venmo

The peer-to-peer payment service Venmo has announced that its users can now start their crypto journey with the Venmo app.

More than 70 million Venmo customers can carry out any desired transaction with cryptocurrency, which includes buying, selling, and storing it in their Venmo accounts.

Choose From Four Cryptocurrencies to Make Venmo Transactions

As promised by Venmo’s parent company PayPal, Venmo has acquired a new feature that allows its users to use cryptocurrencies as a means of payment. Currently, the app supports four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

As stated in a post on the PayPal Newsroom, more than 30% of Venmo customers have already started using cryptocurrencies for payments.

Now, after crypto trading has become a part of the Venmo system, a significant amount of Venmo clients will get the possibility of making transactions with one of the four cryptocurrencies supported by this payment service.

You can start crypto trading with Venmo with as little as $1. If you’re a Venmo user, you can purchase one of the four cryptocurrencies using money right from your balance or from your bank account or credit card.

You’ll also be able to share your crypto trading experience with your friends through the Venmo feed.

Related: PayPal Acquires Curv to Help Its Move Into Crypto

However, it’s not yet possible for all Venmo customers to make payment transactions with cryptocurrencies. According to the press release the feature should become available to all customers “within the next few weeks.”

Venmo is interested in making crypto trading approachable for each and every of its user and in driving a clear understanding of how they can take part in the cryptocurrency market.

For those that are not quite familiar with the ins and outs of crypto trading, Venmo has prepared in-app guides and videos with tutorials and helpful information about virtual money.

Related: Venmo vs. PayPal: Same But Different?

Venmo’s General Manager Darell Esch considers the appearance of this feature on Venmo as a possibility to start exploring the new opportunities that crypto has to offer within the Venmo app:

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. 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.

Cryptocurrencies Are Going Mainstream

Venmo is not the only service to offer such a feature. More and more services are getting interested in crypto trading. There is a great possibility that the messaging service Signal will also acquire this feature, since it is already testing a cryptocurrency payment feature for its apps.

Image Credit: PayPal

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