Venmo Announces Support for Cryptocurrency

Published April 29, 2021 by Elana K

Venmo Announces Support for Cryptocurrency

Venmo, a mobile payment app owned by PayPal, has announced plans to support 4 cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

Venmo, a mobile payment app owned by PayPal, has announced plans to support 4 cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. This is part of the current trend toward the normalization of cryptocurrency (including the recent launch of Coinbase on Nasdaq).

Users will be able to start dealing in crypto with as little as $1 on Venmo. The platform will also provide education in the form of guides and videos for users who want to learn more about cryptocurrency. Venmo’s goal is to provide its customers with an easy, simple way to buy and sell cryptocurrency.

According to the company, 70 million users will be able to buy and sell those 4 cryptocurrencies on the app, and more may be added in the future. Users will also be able to share crypto transactions on their feed, another feature that the company hopes will make the entire crypto market more normative.

PayPal — Taking Steps Toward Crypto Normalization

In November 2020, PayPal started allowing its U.S. users to buy and sell certain cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Last month, the company announced its new “Checkout with Crypto,” which will allow holders of these cryptocurrencies to convert them to US dollars on the site.

PayPal, however, isn’t the only online payments system that's taking cryptocurrencies seriously. In 2018, Square launched Bitcoin support on its Cash App and Apple Pay supports BitPay, a bitcoin payment service provider. Whereas cryptocurrency used to be considered the strange obsession of a very narrow audience, today it is becoming a force to be reckoned with. If the current trend continues, we expect to see more payment platforms, banks, and respected investors supporting crypto transactions. 

 


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