PayPal Holdings Inc. (NASDAQ: PYPL) has once again affirmed it means business when it comes to accelerating mainstream cryptocurrency adoption. Its mobile payment service Venmo is the latest high profile app to add support, in a move that will allow people to buy, sell and hold cryptocurrencies for as little as $1.
Venmo Crypto Support
Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are the cryptocurrencies that Venmo offers support as it pushes its way into the cryptocurrency sphere. Venmo users will enjoy the ability to buy and sell cryptocurrencies on the platform.
All cryptocurrency transactions will be managed directly from the Venmo app. Similarly, crypto enthusiasts will be able to view cryptocurrency trends on the Venmo app as well as access in-app guides and videos to common questions.
Venmo app will also provide users a way of choosing and sharing their crypto journey with friends. The ultimate goal is to give customers an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies. The PayPal app also hopes to demystify some of the questions and misconceptions that have clobbered the space.
A move to add support for cryptocurrencies follows a Venmo Customer Behavior Study that showed more than 30% of Venmo customers have already started dealing in cryptocurrencies. The pandemic has all but fuelled the Venmo community’s interest in some cryptocurrencies as most of them look to profit from price gains.
PayPal Crypto Push
The addition of crypto support should help quench Venmo user’s interest. Likewise, Venmo hopes to provide its broader community an easy-to-use and intuitive crypto platform to take part in the burgeoning sector.
The launch of cryptocurrencies on Venmo also affirms PayPal’s commitment to educating its customers on digital currencies potential. PayPal has inked a strategic partnership with Paxos Trust to enable crypto on Venmo.
PayPal has also secured the first of its kind crypto license. The permit accords the company the right to offer customers the ability to buy, sell, and hold cryptocurrencies.