Paypal Owned Venmo Users Can now Buy and Sell Cryptocurrencies
Bitcoin and similar cryptocurrencies have become very popular among people. Venmo’s announcement of introducing buying and selling of crypto on their platform will now make it easier for people to trade cryptocurrencies. Venmo, which is owned by PayPal, has more than 70 million customers. All of the customers will now be able to buy bitcoin, Ethereum, Litecoin and Bitcoin Cash for as little as 1 dollar. The launch of the feature furthers Paypal’s commitment to educating its customers on the potential of digital currencies as they continue to grow and drives understanding and utility of cryptocurrencies on a mass scale. Venmo will also be offering videos and guides in its app to make newbies understand the crypto world. Cryptocurrency can be a little confusing for people who are new to crypto trading. The videos will show them the right way of getting started with crypto.
Darrell Esch, senior vice president and general manager at Venmo, commented: “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.”
According to the company statement, more than 30% of the customers have already started buying cryptocurrency. And 20% of those customers bought crypto during the pandemic. In October, it began allowing users to buy, sell and hold cryptocurrencies in its digital wallets and last month it started allowing customers to spend their virtual coins at millions of merchants globally. Crypto on Venmo is enabled through PayPal's partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.
Last week, when Coinbase went public at a valuation of 86 billion dollars, it made crypto charts go soaring up. The dogecoin-an asset that was started as a joke back in 2013 went up by 500%. Cryptocurrency experts have been insisting for years that bitcoin, Ethereum and other digital coins have the ability to revolutionize the world of finance. That is yet to happen, but Venmo’s announcement shows that how closer crypto is getting to mainstream acceptance.
Venmo has become the latest company to accept and recognize cryptocurrencies. Earlier tesla had announced to take bitcoin as a form of payment. Tesla has also invested a certain amount in crypto. Payment processors Mastercard and Visa are trying to streamline crypto payments on their networks as well. Goldman Sachs will also allow its private wealth management clients to invest in bitcoin and other digital currencies. Morgan Stanley recently announced that it will offer its wealthy clients access to bitcoin funds.
With so many institutions supporting and accepting bitcoin, crypto investments make more and more sense each day passing. Governments around the world are a bit hesitant to accept crypto as a form of currency due to various security reasons, but it seems big companies are slowly moving towards a digital form of payment. The next 5-10 years are very crucial for the crypto market.