PayPal’s peer-to-peer payment service, Venmo has introduced buying and selling of cryptocurrencies on its app. This move is towards a more broader adoption of the asset class.
The company stated that users will be able to buy bitcoin, Ethereum, Litecoin and Bitcoin cash and publish transaction’s on the app feed. The minimum amount required for a transaction is $1.
Crypto on Venmo is enabled through a partnership between the parent company PayPal and Paxos Trust Company. Latter is a regulated provider of cryptocurrency products and services.
All this has been done through a first-of-its-kind conditional Bitlicense allotted by the New York State Department of Finance Services(NYDFS).
On this occasion, SVP and GM of Venmo, Darrell Esch said,
“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 is one of the popular payment apps in the United States with more than 70 million customers. Last year, the company processed payments worth $159 billion.
This move indicates the push PayPal has been doing to promote cryptocurrencies as a payment medium. Last month, the company had acquired a cryptocurrency security startup named Curv for $200 million. The company has also introduced a crypto checkout service, and with this new move, PayPal is one of the top proponents for cryptocurrencies.