Making the moves! PayPal seems to be going all in, as the payments giant has launched crypto trading services on its Venmo app. An app that is said to have a user base of 70 million.
These users will now be able to buy, sell, and hold four types of cryptocurrencies, including Bitcoin.
The launch of this new Crypto on Venmo service shows the commitment PayPal has in the cryptocurrency space.
It has been making a number of big moves in the domain at quick pace. These include the purchase of the crypto custodian company Curv, as well as the blockbuster move of letting users pay with cryptocurrencies on its own platform.
This new service is being offered in partnership with Paxos, which PayPal has tapped as a liquidity provider.
As the announcement notes:
“Customers using crypto on Venmo can choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When they make transactions, customers can also choose to share their crypto journey with their friends through the Venmo feed.”
Users can start investing in cryptocurrencies with just $1 on the Venmo app, using funds from their Venmo balance or by linking a bank account or a debit card for purchase.
Speaking of the users, the 2020 Venmo Customer Behavior Study revealed that more than 30% of Venmo customers have already started purchasing cryptocurrencies or equities, and 20% of these folks started during the pandemic. This expansion to the popular payment app was only logical.
The rollout begins today, and this new service is set to become available for all customers within the next few weeks.
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