Venmo’s mobile payment app will now allow users to buy, hold and sell bitcoin and other digital tokens, which could be an important step in moving cryptocurrencies to normal.
Starting Tuesday, Venmo will show users a new feature that allows them to invest in four different cryptocurrencies – bitcoin, ether, litecoin and bitcoin cash – with a minimum spending requirement of $ 1. They can also share their crypto purchases with friends through Venmo’s social feed.
Mainstream Acceptance Of Cryptos
The development is accelerated by the first PayPal move to allow users to purchase crypto through its platform. Recently, the company started allowing people to use their crypto holdings to pay at millions of its online merchants globally.
With over 70 million users, Venmo is one of the most popular digital payment services in the U.S. It is most popular with young Americans who use the app to make payments or split purchases with friends and family. It is a competitor to Square’s Cash App.
Venmo’s Initiative
“No matter where you are in your cryptocurrency journey, crypto in Venmo will help our community learn and explore cryptocurrencies on a reliable and direct platform in the app they know and love,” said Darrell Esch, Venmo’s vice president and general manager.
Esch added: “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrensets and answers some of the most common questions and misconceptions consumers may have.”
Surge In Prices Of Digital Currencies
Bitcoin and other digital currencies have surged in price in 2021 on the back of increased interest from institutional investors, while major companies like Tesla and PayPal have also made significant moves in the space. Tesla bought $1.5 billion worth of bitcoin earlier this year and now accepts it as payment for its cars.
PayPal, meanwhile, has been increasing its investment in crypto. Last month, the payments company said it had agreed to purchase Curv, a start-up that helps clients keep their digital tokens securely, worth about $ 200 million. It has also established a new blockchain-focused business unit, that Curv is set to join.
Venmo said its crypto feature was developed in partnership with blockchain infrastructure company Paxos, PayPal which also used some of its digital asset plans. PayPal was granted a license to participate in crypto activities from New York regulators last year.
While bitcoin bulls see it as a store of value akin to gold, not everyone is convinced by the digital currency’s stunning comeback — it previously sank as low as $3,122 in 2018 after climbing to almost $20,000 a year earlier. Doubtful economists view bitcoin as a bubble waiting to explode.
Synopsis
Starting Tuesday, Venmo will show users a new feature that allows them to invest in four different cryptocurrensets for a small spending of $ 1.
With over 70 million users, Venmo is one of the most popular digital payment services in the U.S.
Bitcoin and other digital currencies rose in price by 2021 as companies like Tesla and PayPal warmed up in space.
