Paypal Holdings inc today announced that their peer-to peer payment service Venmo would officially let its users buy and sell cryptocurrencies within its mobile app.
The service comes several months after Paypal allowed its users to pay with cryptocurrencies, with Venmo now supporting BTC, ETH, LTC, and BCH within their app. As the customer demand for cryptocurrency grows, increasing numbers of mainstream financial companies are adopting Bitcoin and other popular cryptocurrencies.
More than 30% of Venmo customers have already started purchasing crypto or equities, 20% of which started during the pandemic, according to the 2020 Venmo Customer Behavior Study.
Venmo Senior Vice President and General Manager, Darrell Esch, commented on the recent announcement:
"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."
The parent company PayPal launched Checkout with Crypto last month, announcing that by enabling cryptocurrencies to make purchases at businesses around the world they would drive forward the mass acceptance of digital currencies. Their message is further emphasised by Venmo enabling crypto purchases.
As one of the biggest mainstream financial companies that advocate for crypto, PayPal was granted a special Bitlicense by the New York State Department of Financial Services that has enabled them to offer their crypto services on PayPal and Venmo.
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