Venmo, a mobile payment apps owned by Paypal, has today excited netizens by announcing its debut into the crypto space. With just as little as $1, you are able to buy, sell and hold crypto directly over the app.
The setup for accessing the crypto option is relatively easy. When on the Venmo app, click on ‘crypto’ on the top-right corner of the app and proceed as directed. To buy crypto, you could either use the funds on your Venmo balance or use a linked bank credit or debit accounts.
As of now, the four currencies available on the application are Bitcoin, Ethereum, Bitcoin Cash and Litecoin and all transactions managed in the app exclusively.
Was this Move Necessitated?
Last year, a survey done on Venmo’s customer behaviour deduced that close to 30% of the total users have either started cryptocurrencies or equities. Introducing the crypto option on the application itself would provide easy access to the crypto market and demystify popular questions and assumptions people have on cryptocurrencies.
Nonetheless, through the Venmo app, users may choose to share their overall experience with fellow enthusiasts once they publish their comments on the Venmo feed.
How did Venmo Decide to Launch Crypto?
The resolution to launch crypto on Venmo was catalyzed by Paypal’spatnenrship with Paxos Trust Company. This regulated cryptocurrency service and products provider mandated both Paypal and Venmo with a BitLicense that allows trading of crypto on their platforms.
The first Venmo crypto rollout begins today after the announcement, and this means as of next week, the service will be available to all customers directly.
Hopefully, if the future spans out as expected, Venmo crypto will help diversify the use and excitement of cryptocurrencies to a broader-aged audience outside the common youngsters. This cause is also supported by the fact that Venmo has availed of educational features, access, and video online for better sensitizations.