Venmo introduces cryptocurrency payments to millions of users

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Venmo introduces cryptocurrency payments to millions of users

Venmo, the peer-to-peer (P2P) payment service owned by PayPal, includes a new feature that allows users to buy, hold and sell cryptocurrency on the app. This is an important step that could inspire mass adoption of cryptos by its 70 million users.

A trusted tool for beginners

According to a page on Venmo’s website, the app has launched its new “Crypto On Venmo” tool. Its users can now buy, hold and sell cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Beginners have access to an introductory guide to the world of cryptocurrencies and explanatory videos answering the most common questions. Also, users can choose to inform their friends on the application’s news feed for each transaction.

“Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrency and demystifies some of the questions and misconceptions consumers may have,” says Darell Esch, CEO of Venmo.

With over 70 million users, Venmo is one of the most popular peer-to-peer digital payment platforms in the United States. It makes it easy for anyone to send money to friends or family. To date, over $159 billion has been traded on the app.

Through this new tool, Venmo claims to be a trusted intermediary to support its users in the transition to the world of cryptocurrencies. “Crypto on Venmo is a way for the Venmo community to start exploring the world of cryptocurrencies within an environment of trust and which is a key part of their daily financial life,” explained Darrell Esch.

PayPal’s paves the way for crypto adoption

PayPal has become one of the most active major financial companies in the cryptocurrency space. In October 2020, the Californian company announced that it would allow the purchase and sale of cryptocurrencies to its users in the United States before allowing them to pay in BTC, ETH, and LTC in February 2021.

Venmo CEO Darrel Esch explained that the ”Crypto On Venmo” project was done in partnership with the Paxos infrastructure. This collaboration was facilitated by PayPal, which used Paxos to launch its cryptocurrency trading tool. This new initiative is another step forward towards the democratization of cryptocurrencies to all.