Venmo is taking a big step forward today with a crypto update that allows buying, selling, and holding certain cryptocurrencies in its app.
Let’s take a look at everything you need to know about the crypto update to Venmo.
- Venmo users are able to make use of the cryptocurrency trading feature in this update with just $1.
- The feature is under the “Crypto” option in the app and it also includes other benefits for users.
- That includes the ability to track cryptocurrency trends, look over crypto guides, and watch videos answering commons questions about digital assets.
- Users that want to can also share their crypto activity on the Venmo feed.
- The Venmo crypto update only allows users to buy, sell, and hold certain cryptocurrencies.
- That includes Bitcoin (CCC:BTC-USD), Ethereum (CCC:ETH-USD), Litecoin (CCC:LTC-USD), and Bitcoin Cash (CCC:BCH-USD).
- Venmo not offering Dogecoin (CCC:DOGE-USD) seems like a real missed opportunity considering today is Doge Day.
- While the crypto feature launches today, it may take a few weeks before all users see the update.
- Venmo said that it introduced this update due to the increasing use of crypto from its users.
- Its 2020 Venmo Customer Behavior Study showed that more than 30% of customers were already investing in crypto.
- This also builds on PayPal’s (NASDAQ:PYPL) plans to expand its business into the crypto market.
- PayPal owns Venmo and holds a conditional Bitlicense from the New York State Department of Financial Services (NYDFS).
- This is what allows PayPal and Venmo to offer cryptocurrency through the app.
- PayPal has been increasing its crypto offerings of late, which includes accepting it for merchant payments.
- However, the company doesn’t pay the merchants in crypto and instead exchanges it to an analog currency.
PYPL stock was up 1.4% as of Tuesday morning.
Investors that are interested in learnings more about recent crypto news are in luck.
