Venmo, a mobile payment service owned by PayPal, announced that it now allows more than 70 million of its customers to buy, hold and sell cryptocurrency directly within the app.
The offering will be available for all customers within the next few weeks.
Venmo customers can start their crypto journey with as little as $1 by clicking on “Crypto” in the Venmo menu at the top right in the app.
Customers can choose from four types of cryptocurrency; Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.
PayPal was also granted a first-of-its-kind conditional Bitlicense by the New York State Department of Financial Services (NYDFS), allowing PayPal and Venmo to offer its customers this service.
“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.
Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”
said Darrell Esch, SVP and GM, Venmo.
Featured image: PayPal
