Starting today, users of Venmo App – a mobile payment app owned by PayPal – will be able to buy, store and send Bitcoin and three other cryptocurrencies.
According to PayPal, Venmo will take cryptocurrencies to its base of more than 70 million users. Similarly, PayPal implemented support for cryptocurrencies last year.
Venmo will initially have four assets: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The same ones are available to PayPal users in the USA.
“Venmo today announced the launch of crypto on Venmo, a new way for Venmo’s more than 70 million customers to buy, hold and sell cryptocurrency directly within the Venmo app. Beginning to roll out today, crypto on Venmo offers customers a way to start their crypto journey alongside the many ways they already use Venmo to spend and manage their money. ” – it was stated in the Venmo Press Release.
According to this new feature, Venmo users will be able to view tutorials and videos in the app to learn about digital assets.
Venmo with 77 Million of Users
PayPal said it made the option of cryptocurrencies available to more than 70 Million Venmo users. The button allows them to buy digital assets instantly from US$1.
“Customers will have the ability to buy and sell cryptocurrencies using Venmo’s balance, or a linked bank account or debit card. All transactions are managed directly in the Venmo application ”, says the statement.
In practice, this means that Venmo users will soon see posts like “John Doe sent US$1000 in Bitcoin”, which, in turn, will serve as a kind of free advertising for cryptocurrencies.
The announcement did not inform the cost of buying and using Bitcoin, but a company spokesman told Decrypt that the fees would be the same as PayPal’s – 50 cents for transactions below US$25, 2.3% for transactions below US$100, and 1.5% for transactions over US$100.
The company said that “Crypto on Venmo” is a new way for the Venmo community to start exploring the world of cryptocurrencies, in which they “trust and act as a key component.”
“No matter where you are on your cryptocurrency journey, Crypto on Venmo will help our community learn and explore cryptocurrencies on a trusted platform and directly in the app that they know and love.”
The statement adds that Venmo is committed to providing its customers with an easy-to-use platform that simplifies the process of buying and selling cryptos.
They also want to demystify some of the common questions and misconceptions that users may have..