Venmo, PayPal’s mobile payments app, now has Bitcoin.
Venmo welcomes you to the crypto world
On April 20, PayPal’s mobile payments app, Venmo, announced that its users will buy, sell and store Bitcoin and three other major top cryptocurrencies in the app itself. They are: Ethereum, Litecoin and Bitcoin Cash.
According to PayPal’s statement, the “Crypto on Venmo” service will take cryptocurrencies to its base of more than 70 million users.
In addition, if they wish, users will also be able to share their encryption trajectories with their friends through the feed.
Initially, the service will only be available to US users. And thanks to him, these users will be able to watch tutorials and videos in the app to learn about digital assets.
Crypto assets and Bitcoin from as little as $1
Venmo users will be able to start investing in cryptocurrencies from as little as $1, says the ad. This investment, in turn, will allow the 77 million users to invest instantly in digital assets through a simple button on the app.
In addition, customers can use funds from their app balance or link a bank account or debit card for the purchase.
“Customers will have the ability to buy and sell cryptocurrencies using Venmo’s balance, or a linked bank account or debit card. All transactions are managed directly in the Venmo application ”, says the statement.
The announcement did not inform the cost of buying and using Bitcoin. However, sources say the fees would be the same as PayPal’s. 50 cents for transactions below USD $ 25.2, 3% for transactions below USD $ 100 and 1.5% for transactions above USD $ 100.
Crypto on Venmo
For now, the application does not work in all countries. However, analysts in the crypto market says the announcement is important, given the size of the platform. In addition, the new service may have a broader impact, as PayPal’s app encourages its users to share activities on social networks.
According to the company, “Crypto on Venmo” is a new way for the community to start exploring the world of cryptocurrencies, in which they “trust and act as a key component.”
“No matter where you are on your cryptocurrency journey, Crypto on Venmo will help our community learn and explore cryptocurrencies on a trusted platform and directly on the app that they know and love”, said the statement.
According to Darrell Esch, senior vice president and general manager of Venmo, the aim of the app is to provide customers with a platform that is easy to use and that simplifies the process of buying and selling cryptocurrencies. In addition, the new service aims to demystify doubts and misunderstandings that users may have.
Venmo
According to Venmo’s official website, the company is licensed to engage in cryptocurrency business activities by the New York State Department of Financial Services.
However, the website points out that the purchase, sale and maintenance of digital assets are not available in Hawaii, where it is prohibited by law.
“The encryption on Venmo is activated through Paypal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services”, says the annoucement.
More than 30% of users of the app have already started buying cryptocurrencies or stocks. Of these, 20% started during the pandemic. The data are from Venmo’s Customer Behavior Study.
