PayPal’s Venmo Enables Bitcoin and Crypto Purchases for 70M Users

Several months after its parent company implemented cryptocurrency purchases, Venmo has done the same for its multi-million user base. The company has added four digital assets so far – Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). 

• According to a press release from today, the New York-based mobile payment service is the latest large name to add cryptocurrency services for its customers. 
• Users are now able to buy, sell, or hold BTC, ETH, LTC, and BCH within the Venmo application. 
• The statement asserted that clients can also view current crypto trends and access in-app guides and videos to educate themselves about digital assets. 
• Upon completing transactions, users can share their milestones with friends through the Venmo feed. 
• The addition comes after the company surveyed its customer about their views on crypto assets. The results seemed quite conclusive as nearly half had already started to invest in such assets through other platforms. 

• “Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, within the Venmo environment they trust and rely on as a key component of their everyday financial lives.” – commented Darrel Esch, SVP and GM at Venmo. 

• Crypto on Venmo comes after a partnership with the regulated provider of digital asset products – Paxos Trust Company. 
• CryptoPotato reported in late 2020 that Venmo’s parent company – the online payments giant PayPal – launched cryptocurrency services as well. Since then, the firm has enjoyed a massive demand from users as its CEO projected a monthly volume of up to $200 million in a few months.