PayPal’s peer-to-peer (P2P) payment app Venmo is now offering its estimated 77 million users an entrée into the cryptocurrency arena, the company said in a press release on Tuesday (April 20).
The launch of crypto on Venmo gives users an easy way to buy, sell or hold digital currency from the app. Customers can choose and use bitcoin, Ethereum, Litecoin and Bitcoin Cash, per the release. In-app guides and videos are also available to help answer common questions about cryptocurrency.
“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,” said Darrell Esch, SVP and GM, Venmo. “No matter where you are in your cryptocurrency journey, crypto on Venmo will help our community to learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love. 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.”
The 2020 Venmo customer behavior study indicated that over 30 percent of users on the Venmo platform were already using crypto or equities. Of those users, about 20 percent started doing so during the pandemic.
With the introduction of crypto on Venmo, the broader Venmo community will now have access to an easy-to-use and intuitive crypto platform. The new feature furthers PayPal’s drive to advance digital currencies and the understanding and utility of cryptocurrencies on a mass scale.
PayPal has said it’s on a mission to drive the adoption of cryptocurrency. Its Checkout with Crypto tool lets users convert their digital currency into fiat to complete transactions with its 29 million global merchants. PayPal has said no fees will be levied at checkout.
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