Venmo, which is owned by PayPal PYPL, said its more than 70 million customers can buy bitcoin, ethereum, litecoin and bitcoin cash for just $ 1.
Cryptocurrency can often be confusing and inaccessible to newbies, so Venmo offers in-app guides and videos to answer common questions and share information about the world of crypto.
The payments company hopes this new initiative “resolves some of the common questions and misconceptions consumers may have,” Darrell Esch, senior vice president and general manager at Venmo, said in a statement.
According to the payment company, more than 30% of Venmo customers have already started buying cryptocurrency or stocks. And 20% of those customers started doing this during the pandemic.
Last week, enthusiasm for cryptocurrency soared when trading platform Coinbase went public worth $ 86 billion, followed by a wild 500% rise in Dogecoin – an asset created as a joke in 2013. and other digital currencies can revolutionize the financial world. That hasn’t happened yet, but Venmo’s announcement is another example of how crypto is getting closer to mainstream adoption.
Venmo joins a list of other companies that recently started recognizing or accepting cryptocurrencies. Tesla has started accepting bitcoin payments for its cars and now has some digital currency on its balance sheet. Payment processors included MasterCard MA, and Visa V. try to streamline crypto payments on their networks. Goldman Sachs will reportedly soon provide opportunities for its private wealth management clients to invest in bitcoin and other digital currencies. And Morgan Stanley has announced that it will provide its wealthy clients with access to bitcoin funds.