Venmo, a payments app owned by PayPal, now allows users to buy and sell cryptocurrencies. In a recent announcement, Venmo says users can buy cryptocurrency with as little as $1(~KES 110) directly inside the app.
Like PayPal, Venmo users can only buy and sell a handful of crypto coins: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The app also added educational materials to educate its 70 million-plus users about the world of digital currencies.
The educational feature, the company said, is a step forward toward’s PayPal’s commitment to educating users on digital currencies’ potential.
“Our goal,” Darrell Esch, SVP and GM, Venmo, said, “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.”
More than 30% of Venmo users had already started buying crypto and equities, the 2020 Venmo Customer Behavior Study revealed. 20% started during the pandemic.
PayPal started allowing users to buy and sell crypto in late 2020. Early April, the payments giants opened the gates for its wide network of merchants to receive payments in the four supported cryptocurrencies.
The company has also recently purchased Curv, a digital asset security company, to accelerate and expand support for cryptocurrencies and digital assets.
PayPal is the latest large company to adopt cryptocurrencies, which has made the prices of various digital coins soar. Bitcoin has been moon-bound since the year began. Ahead of Coinbase’s Nasdaq debut, Bitcoin soared past $63,000 to hit an all-time high of $64,800.
It is such moves that make crypto enthusiasts and investors more positive about the future of the industry.