Venmo users will be able to purchase, keep, and sell a variety of virtual coins, according to parent company PayPal. Venmo is the first payment app to support cryptocurrency, which will propel the once-esoteric offerings through widespread usage. Venmo can accept four common cryptocurrencies in addition to PayPal: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
PayPal said users will “launch their crypto trip” for as little as $1 and will have access to in-app guides and videos to learn more “about the environment of crypto.” The feature will be rolled out to certain users on Tuesday, but it will take a “few weeks” to cover all consumers, according to the firm.
Venmo’s SVP and GM, Darrell Esch, said that the company’s mission is to provide consumers with a “easy-to-use app” that will make the process of purchasing and selling cryptocurrencies more straightforward.
PayPal also stated that it would extend the cryptocurrency service to Venmo in 2020. Its support for cryptocurrencies is important, and it will help drive them into the mainstream, particularly because it makes digital currencies more available to ordinary users and allows crypto to access one of the world’s largest digital wallet networks. BitPay, a credit card that Apple Pay welcomed into its wallet in February, and Square’s Cash Service are two other payment applications that support cryptocurrencies.
According to Venmo, 70 million users will be able to purchase and sell cryptocurrencies on its platform. It’s a sizable industry that functions in a similar way to social media, theoretically rendering crypto more approachable to anyone that would otherwise be turned off. Users will now post crypto purchases on their stream, which the organization hopes can help them “share” the cryptocurrency experience.
Dogecoin, which started as a “joke” in 2013 and has recently skyrocketed to approximately 40 cents per coin amid massive market demand, is also not supported by PayPal and Venmo. Tuesday has been nicknamed “Doge Day” by fans.
