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When PayPal launched its crypto trading feature last year, the payments giant also announced that the same feature will be arriving on its Venmo app. That day has finally arrived as Venmo users can now start trading in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Venmo announced on Tuesday, April 20, that its more than 70 million customers can now buy, hold and sell cryptocurrency directly through the app. The feature, which began rolling out on the same day as the announcement, allows users to start trading for as little as $1.
The crypto trading feature only supports four major cryptocurrencies at the moment. These are Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). There the company did not yet announce if it plans to support other types of cryptos in the future.
“Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, within the Venmo environment they trust and rely on as a key component of their everyday financial lives,” Venmo SVP and GM Darrell Esch said. “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.”
Venmo is making it easier for first-time crypto traders by giving them access to in-app guides. There are also available videos that answer commonly asked questions about crypto and its trading.
The crypto trading feature was made possible through parent firm Paypal’s partnership with Paxos Trust. The New York State Department of Financial Services (NYDFS) also granted PayPal a first-of-its-kind conditional Bitlicense that allowed both PayPal and Venmo to offer the crypto feature to their users.
Prior to launching the feature, Venmo did a study last year to gauge the crypto demand from its users. The 2020 Venmo Customer Behavior Study found out that more than 30 percent of the app’s users have already invested in crypto, with 20 percent starting their crypto activity during the pandemic.
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