Venmo announces introduction of Crypto in the Venmo app

By Pavithra R

Venmo, a mobile payment service owned by PayPal, has announced the launch of crypto on Venmo, a new way for its customers to buy, hold and sell cryptocurrency directly within the Venmo app.

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. The feature enables customers to view cryptocurrency trends, buy or sell crypto, and access in-app guides and videos to help answer commonly asked questions and learn more about crypto.

With the introduction, Venmo community now have access to an easy-to-use and intuitive crypto platform to help them participate in the cryptocurrency market. Customers using crypto in the Venmo can choose from 4 types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When they make transactions, customers can also share their crypto journey with their friends through the Venmo feed.

“Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, within the Venmo environment they trust and rely on as a key component of their everyday financial lives. 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,” said Darrell Esch, SVP and GM, Venmo.

Venmo customers can begin their crypto journey with as little as $1 by clicking on “Crypto” in the Venmo menu in the app. Customers can 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.

The new feature is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.