Venmo has reported the launch of crypto on Venmo, a new alternative for Venmo’s millions of customers to buy, hold and sell cryptocurrency directly within the app. It will roll out today as crypto on Venmo offers customers an opportunity to kickstart their crypto journey with many ways to use Venmo to spend and manage their money. Customers can view cryptocurrency trends, buy or sell crypto and access guides & videos to aid common questions or concerns and learn more about crypto. Customers utilizing crypto on Venmo may choose from four type of cryptocurrency, Ethereum, Litecoin, Bitcoin Cash and Bitcoin.
“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.”
Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a provider of cryptocurrency products and services that is regulated. PayPal was granted a conditional Bitlicense by the New York State Department of Financial Services which allows PayPal and Venmo to offer customers the ability to buy, sell and hold cryptocurrency. The Bitlicense is the first of its kind.