PayPal-owned payment service provider Venmo has launched a crypto feature for its more than 70 million users. Like PayPal, Venmo said the crypto feature would support four cryptocurrencies. The supported assets are Bitcoin (BTC), Ethereum (ETH, Bitcoin Cash (BCH), and Litecoin (LTC). Venmo users will be able to buy, sell, and hold the digital assets within the next few weeks.
Venmo announced the launch of the crypto service in a on the 20th of April. Additionally, Venmo will have in-app guides to help users become familiar with crypto trading. Also, customers can choose to share their trading journey with other users through a feed.
As stated in the press release, users can trade cryptocurrencies as low as $1. Interested customers in the crypto service can buy crypto through a linked bank account or debit card. Users may also trade with their Venmo balance.
Already, Venmo revealed in its 2020 Customer Behavior Study that over 30% of its users have begun buying cryptocurrencies or equities. Of this number, 20% started during the global lockdown.
The senior vice president and general manager of Venmo, Darrell Esch, mentioned the company’s goal with the new launch. He said in a statement:
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