Payment giant Venmo introduces crypto to its 70 million users. PayPal’s own platform now enables users to buy, hold and sell four leading cryptocurrencies via their mobile app starting today.
In another groundbreaking announcement aimed at spurring the adoption of mainstream crypto, Venmo set out how millions of users can participate in the cryptosphere by supporting access to the industry’s two largest currencies – Bitcoin and Ethereum.
The popular consumer app allows attendees to broadcast their crypto transactions on their Venmo social feeds. The app will also support Litecoin and Bitcoin Cash, the ninth and tenth largest cryptocurrencies by market capitalization. However, users cannot yet send crypto payments to each other.
To overcome the steep learning curve that slowed the adoption of Bitcoin and its numerous cousins, Venmo also produces in-app guides and explanatory videos for crypto newbies.
Darrell Esch, Senior Vice President and General Manager of Venmo, adds:
“Regardless of where you are on your cryptocurrency journey, Crypto on Venmo helps our community learn and explore cryptocurrencies that they know and love on a trusted platform and right in the app. Our goal is to provide our customers with a user-friendly platform that makes buying and selling cryptocurrencies easier and demystifies some of the most common questions and misunderstandings consumers face. “
PayPal started supporting cryptocurrencies last year and announced last month that it would be expanding its offering through Venmo.
The growing crypto industry continues to attract new users, including retail and institutional investors, and brings the asset class’s total market cap to over $ 2 trillion earlier this month.
Featured image: Shutterstock / Dmytro Zinkevych