PayPal’s Venmo customers can now buy, hold, and sell digital assets.
The Venmo app, a division of PayPal, has finally agreed to let all users buy, sell, and hold digital tokens. The news has been announced early this week, and many believe that this will move cryptocurrencies deeper into the mainstream.
Venmo says “Yes” to Crypto
Last Tuesday, Venmo users began investing into four mainstream cryptocurrencies. They are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. These assets can be used to purchase goods and services if they follow the rule that crypto transactions must consist of at least one dollar. They can also utilize Venmo’s social feed to spread to others about their purchases and invite them to investing themselves.
PayPal has been the ringleader of bitcoin and crypto’s mainstream adventure. As the world’s biggest digital payment processor, the company announced that it would allow people to utilize crypto and purchase digital assets last October. That time, bitcoin has been trading for around $10,000 per unit, although the news was well received and caused the currency to propel as high as $13,000 in a few days.
From there, PayPal revealed that it would permit bitcoin and crypto payments at the checkout, although this was something the company didn’t fully offer in the beginning. Instead, this would be a feature that the firm will roll out over time, giving particular users a chance to try things about before it has been released on a general level. Anyway, if this amount of Venmo users can now purchase with crypto, it seems like the feature is ready for nationwide testing.
“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.”
Darrell Esch senior vice president and general manager of Venmo
The Leading Financial App
Venmo is one of the world’s biggest and most popular payment apps, boasting around 70 million total users as of now. It sometimes competes with Square’s Cash App, although it is difficult to say which is the number one. Square is also a mega bitcoin fan, having added over $150 million in BTC to its secret stash in the past six months.
As of now, bitcoin and the other cryptocurrencies continue to gain a serious traction after heavy price surges that happened in the previous week. BTC has hit a new all-time high of around $63,000 after the news that Coinbase will be listed on Nasdaq, although since then, the price has fallen a bit and it is now at $55,000.
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