PayPal-Owned Venmo Launches Cryptocurrency Trading

In the latest milestone in crypto adoption, popular payments app Venmo launches cryptocurrency trading for its 70+ million users.

April 20, 2021 | AtoZ MarketsAfter PayPal has made the purchase and sale of cryptocurrencies available, now it is the turn of Venmo users to take advantage of the functionality of this platform to enter this sector.

Venmo cryptocurrency trading kicks off today

Venmo, PayPal’s social payments unit, officially launched the service to allow its users to buy, store and sell crypto assets on its mobile app.

In an announcement, the company said that the service called “Crypto on Venmo ” will start operating on Tuesday 20, April 2021, and will be available to its 70 million customers directly on the Venmo app in the coming weeks.

Like PayPal, the offer on Venmo is possible thanks to the partnership with Paxos, which facilitates transactions behind the scenes. Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and bitcoin cash (BCH) are the only currencies that are supported in the Venmo app.

The initiative follows rumors from 2020 that the crypto offering would start first on PayPal and that Venmo would follow shortly thereafter in 2021.

To this end, PayPal obtained a conditional license from the New York Department of Financial Services (NYDFS), which allowed it to offer the purchase and sale of crypto assets.

In the ad, Venmo said that, according to his 2020 Customer Behavior Study, more than 30% of customers “have already started to buy crypto or stocks, and 20% started to do so during the pandemic.”

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