PayPal’s mobile payment service, Venmo, has announced to let users buy, sell, and hold cryptocurrencies on their application to make cryptocurrencies a mainstream asset.
Venmo is the peer-to-peer payment service, which will now allow users to buy digital tokens like bitcoin, bitcoin cash, Litecoin, and Ethereum for minimum spending of $1 and make their purchases social on the app’s feed. Venmo is one of the most popular online payment services, appealing mostly to youth for making purchases.
The strategy builds on PayPal’s earlier move to use cryptocurrencies through its main platform. Now, the company has allowed users to make use of their crypto holdings for transactions. Last year, the company received a license from New York regulators to carry out crypto activities.
In a statement, general manager and senior vice president Darrell Esch stated the company’s goal to provide customers with a simple to use platform that makes the selling and buying of cryptocurrencies easier and demystifies apprehensions and misconceptions of customers.
Venmo’s crypto feature was developed with the aid of Paxos, a blockchain infrastructure firm. Notably, over 30% of its users have started buying equities or cryptocurrencies.
The prices of bitcoin and other digital currencies saw a massive rise this year, getting a strong boost from investors and companies like Tesla.