Starting Today, Venmo Users Can Buy/Sell/Hold Crypto

Crypto on Venmo is launching today. PayPal’s peer-to-peer transfer platform will now allow Venmo’s 70+ million users to buy, hold, sell crypto within the app thus morphing Venmo into a crypto wallet. For retail uptake, this should be a boon for users as Venmo is quite popular within a fairly broad age range.

At least initially, four popular cryptocurrencies will be available including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Darrell Esch, Senior VP and GM at Venmo, says that trust is key as Venmo users explore the world of crypto:

“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.”

Venmo reports that over 30% of their users already are into crypto with 20% starting during the COVID-19 health crisis. Crypto on Venmo will enable access to an easy-to-use and intuitive crypto platform to help them take part in the cryptocurrency market.

The launch of the feature is said to further PayPal’s commitment to educating its customers on the potential of digital currencies.

Crypto on Venmo is powered by PayPal’s relationship with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

PayPal has been granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS), allowing PayPal and Venmo to offer its customers the ability to buy, sell and hold cryptocurrency.

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