Last October, PayPal announced its intention to support cryptocurrency management and usage across its platforms, and it was at the end of March that you started being able to use cryptocurrencies at checkout with PayPal. Today, Venmo users are getting the ability to manage cryptocurrencies directly in the Venmo app.
With cryptocurrency available on Venmo, users can buy, sell, and hold cryptocurrencies, watch educational videos to learn more about crypto and follow trends in their value. There are four types of cryptocurrency available in the app: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, and users can get started buying whatever they prefer for as little as $1. As with anything on the Venmo app, there's also a social aspect to crypto management on the platform, so you can share your journey with cryptocurrency with your friends on the Venmo feed.
According to a Venmo customer study back in October, 30% of its users are already buying crypto or equities, so it makes sense for the company to cater to this market. Darrell Esch, Senior Vice President and General Manager at Venmo, said:
"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."
Cryptocurrency management on Venmo is rolling out starting today and should be available to everyone in the coming weeks.