Venmo Users Can Now Buy and Sell Cryptocurrencies
Venmo today announced the launch of crypto on Venmo, a new way for Venmo’s more than 70 million customers to buy, hold and sell cryptocurrency directly within the Venmo app. Beginning to roll out today, crypto on Venmo offers customers a way to start their crypto journey alongside the many ways they already use Venmo to spend and manage their money.
Customers using crypto on Venmo can currently choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When they make transactions, customers can also choose to share their crypto journey with their friends through the Venmo feed. Cryptocurrency can often feel confusing and inaccessible, so Venmo will offer in-app guides and videos to help answer commonly asked questions and share information about the world of crypto.
Using Crypto on Venmo
Venmo customers can start their crypto journey with as little as $1 by clicking on “Crypto” in the Venmo menu at the top right in the app. 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.
Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services. PayPal was also granted a first-of-its-kind 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.
Crypto on Venmo is starting to roll out today and will be available for all customers directly in the Venmo app within the next few weeks. To learn more, visit www.venmo.com/crypto.