With crypto on Venmo, customers can view cryptocurrency trends, buy or sell cryptocurrencies, and access in-app guides and videos to answer common questions and learn more about the world of crypto. Customers using crypto on Venmo can choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When doing transactions, customers can also choose to 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 rely on and rely on as a key component of their everyday financial lives,” said Darrell Esch, SVP and GM, Venmo said. “No matter where you are on your cryptocurrency journey, crypto on Venmo will help our community learn and explore cryptocurrencies on a trusted platform and directly in the app they know and like. 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 consumers may have. ‘
According to the Venmo study on customer behavior in 20201, more than 30% of Venmo customers have already started buying cryptocurrencies or shares, of which 20% started during the pandemic. With the launch of crypto on Venmo, the broader Venmo community will now have access to an easy and intuitive crypto platform to help them participate in the cryptocurrency market. The launch of the feature enhances PayPal’s commitment to educating its customers about the potential of digital currencies as they continue to grow and increase the understanding and usefulness of cryptocurrencies on a large scale.
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 of the app. Customers have the ability to buy and sell cryptocurrencies using funds from their balance at Venmo, or a linked bank account or debit card. All transactions are managed directly in the Venmo app. Simple, easy to navigate and intuitive, crypto on Venmo also enables Venmo customers to share their crypto experience with their friends if they prefer to publish on the Venmo feed.
Crypto on Venmo is activated by PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services. PayPal also received a first-class conditional Bitlicense through the New York State Department of Financial Services (NYDFS), which enabled PayPal and Venmo to offer their customers the ability to buy, sell and hold cryptocurrency.
Crypto on Venmo starts today and will be available directly to all customers in the Venmo app within the next few weeks. For more information, visit www.venmo.com/crypto.
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1 In October 2020, we surveyed 2,217 U.S. Venmo customers to get a first-hand, real-time report on how their demographic, financial, and purchasing behaviors have changed over time and how Venmo can help them adjust to the new normal. Recording was done using Focus Vision. The answers are weighed to ensure the representation of the Venmo population according to age, income and regional distribution in the USA |
About PayPal
PayPal has been at the forefront of the digital payment revolution for over 20 years. Utilizing technology to make financial services and trading more convenient, affordable and secure, the PayPal platform empowers more than 375 million consumers and merchants in more than 200 markets to join the global economy. Visit paypal.com for more information.
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SOURCE PayPal Holdings, Inc.
