Venmo users can now buy, hold, and sell bitcoin and other cryptocurrencies straight from the platform’s app.
The Paypal-owned digital payment app said it conducted a survey last year which showed that more than 30% of its customers had already started purchasing crypto or equities. Twenty percent of those users had started doing so during the pandemic.
By introducing the new feature, Venmo is aiming to support the movement of crypto transactions into the mainstream payment ecosystem.
“With the introduction of crypto on Venmo, the broader Venmo community will now have access to an easy-to-use and intuitive crypto platform to help them take part in the cryptocurrency market,” the company said in a statement.
Crypto on Venmo
Venmo, which has more than 70 million users, said users will be able to invest in four different cryptocurrencies -- Bitcoin, Ether, Litecoin, and Bitcoin Cash -- with a minimum spending requirement of $1. Users can also share their crypto purchases with friends on the app’s social feed.
Venmo’s new crypto feature can be accessed by clicking on “Crypto” in the menu at the top right in the app. In addition to being able to buy, hold, and sell cryptocurrencies in the app, users can also view guides and videos focused on answering commonly asked crypto questions.
“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,” said Darrell Esch, a senior vice president and general manager of Venmo. “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 addition of the feature expands on an earlier decision by PayPal to allow users to buy cryptocurrency on its main platform. PayPal also recently agreed to purchase Curv, a startup that helps clients securely store their digital tokens.