Earlier this year, the world saw Google Pay and Samsung Pay gain cryptocurrency support when both apps allowed users to carry out transactions using Bitcoin and more.
PayPal’s Venmo mobile payment app is now allowing users to trade bitcoin and other digital currencies. This is a significant step toward moving cryptocurrencies into the mainstream.
This new feature, which will be available on the payment app today, April 20th 2021, will allow users to invest in four different cryptocurrencies namely Bitcoin, Ether, Litecoin and Bitcoin Cash. App Users can choose to spend as little as $1 on buying cryptocurrency, using funds from their Venmo balance or via linked accounts and cards. They can also share their crypto purchases with friends through Venmo’s social feed.
This development by PayPal is sure to expand as the company had earlier allowed its users through their crypto holdings to pay at millions of its online merchants globally.
Venmo, which currently has more than 70 million users, is one of the leading digital payment services in the United States. Many youths in America use the application to carry out transactions.
Darrell Esch, who is a senior vice president and general manager at Venmo, mentioned that you can learn and explore cryptocurrencies on the platform despite being a rookie at cryptocurrency. With “Crypto for Venmo”, users can access cryptocurrency trends, how-to videos, and guides.
A spokesperson of the company said that this new feature was built in partnership with Paxos. Paxos is a blockchain infrastructure firm that PayPal has also used for its other digital asset initiatives.
