Venmo, the PayPal-owned peer-to-peer mobile payment service, has recently rolled out a support system that allows users to buy, hold, and sell cryptocurrencies, according to a Tuesday report.
This new feature, which users can access via the menu icon on the top right corner of the Venmo app, will give the app’s users access to purchase, sell, store, and even gift the top four cryptocurrencies, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The company said,
“Customers will have the ability to buy and sell cryptocurrency using funds from their balance with Venmo, or a linked bank account or debit card. All transactions are managed directly in the Venmo app.”
Users can buy cryptocurrencies worth as little as $1 using the Venmo app. The crypto feature will also allegedly include several educational materials that are aimed at debunking wrong impressions about cryptocurrencies as well as providing helpful information to users.
Since Venmo is a peer-to-peer service, it will help to increase public awareness of cryptocurrencies, increasing adoption from various angles.
Users often share their activities on the app in a manner that is visible to other users on the platform. Given that the app has over 50 million users, it becomes easier for people to join the crypto trend when they see their friends buying and selling cryptocurrencies on Venmo.
The company noted that the feature would be available to a few users today, and will most likely be accessible to a majority of its users by the end of May.
To provide an additional layer of security, Venmo will be employing the services of the New York-based regulated blockchain infrastructure platform, Paxos.
Many traditional payment processors are currently turning to crypto, from allowing support for it to accepting payments.
PayPal had witnessed a mind-blowing growth at the end of Fiscal 2020 after it allowed its users to trade and store cryptocurrencies on its platform earlier in November 2020.
Then, in March, it unveiled a new feature that allows PayPal users to pay for goods and services using bitcoin and other allowed cryptocurrencies.