With cryptocurrency on Venmo, customers can view cryptocurrency trends, buy or sell cryptocurrencies and access in-app guides and videos to answer frequently asked questions and learn more about the cryptocurrency world. Customers using crypto on Venmo can choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When making 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 explore the world of crypto, within the Venmo environment they trust and rely on as an important part of their day-to-day financial lives,” said Darrell Esch, SVP and GM, Venmo. “No matter where you are in your cryptocurrency journey, crypto on Venmo helps our community learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love. easy to offer use a 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 Venmo customer behavior study from 20201, more than 30% of Venmo customers have already started buying cryptocurrencies or stocks, 20% of them during the pandemic. With the introduction of crypto to Venmo, the wider Venmo community now has access to a user-friendly and intuitive crypto platform to help them participate in the cryptocurrency market. The launch of the feature fosters PayPal’s commitment to educating its customers about the potential of digital currencies as they continue to grow and drive the understanding and usability of cryptocurrencies at scale.
Using crypto on Venmo
Venmo customers can start their crypto journey with as little as $ 1 by clicking “Crypto” from the Venmo menu at the top right of the app. Customers will have the option to buy and sell cryptocurrency using money from their Venmo balance, 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 allows Venmo customers to share their crypto experience with their friends if they choose to publish on the Venmo feed.
Crypto on Venmo is powered by PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services. PayPal also received its first conditional bit license of its kind from the New York State Department of Financial Services (NYDFS), enabling PayPal and Venmo to offer their customers the ability to buy, sell and hold cryptocurrency.
Crypto on Venmo is starting to roll out today and will be available to all customers directly in the Venmo app in the coming weeks. Visit for more information www.venmo.com/crypto
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1 In October 2020, we surveyed 2,217 US Venmo customers to get a real-time account of how their demographic, financial and purchasing behavior has changed over time and how Venmo can help them adapt to the new normal. The survey was conducted through Focus Vision. The responses are weighted to ensure representation of the Venmo population based on age, income and regional distribution in the US. |
About PayPal
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SOURCE PayPal Holdings, Inc.
