Venmo App starts supporting Cryptocurrency

Venmo announced their support to buy, hold and sell cryptocurrency directly within the Venmo app. 

Development is significant as Venmo has a significant customer base of 70 million users. Venmo app customers will have a choice of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash cryptocurrencies.

SVP and GM, Venmo, Darrell Esch, said, "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." 

For cryptocurrency, Venmo app users can buy start with as little as $1 and can also share their crypto activities with their friends through the Venmo feed.   

Similar to Paypal, the Venmo app will leverage Paxos Trust Company for processing cryptocurrencies. Paxos Trust company is a regulated provider of cryptocurrency products and services. Note that the Venmo app is owned by Paypal and Venmo will leverage the Paypal partnership with Paxos Trust company to support cryptocurrencies.

The New York State Department of Financial Services (NYDFS) granted Paypal a conditional Bitlicense. This allows PayPal and Venmo to serve their customers with the ability to buy, sell and hold cryptocurrency.

Just last month, Paypal launched its Checkout with Crytpo feature on its platform and also announced its plans to acquire Cryptocurrency security startup, Curv.