PayPal Holding’s peer-to-peer payment service, Venmo, has just started to allow users to buy, sell and hold cryptocurrencies on its app. This could potentially attract more people into adopting the digital currencies.
Bitcoin, Ethereum, Bitcoin Cash, and Litecoin will be supported on the platform.
Venmo users can buy the supported cryptocurrencies for as little as $1 and then publish transactions on the app’s feed, making crypto buying a lot more welcoming for casual traders and newcomers.
With over 70 million users, this makes Venmo one of the most popular payment apps in the United States. The user base is mostly dominated by younger consumers, who use it to pay friends and family. Last year, it processed roughly $159 billion in payments.
The main PayPal app has started to allow users to purchase, sell, and hold cryptocurrency in November 2020. Then, in late March 2021, users are able to make purchases with cryptocurrency.