P2P payment provider Venmo owned by PayPal announced the launching of crypto buying and selling functions.
Related: Time Magazine to Allow Crypto Payments with Crypto.com
The users of the network will be able to purchase BTC, Ether, LTC, and BCH with a spending requirement of at least $1 and share the activities on the app's feed. The possibility is allowed through cooperation with the tech firm Paxos Trust.Having over 70 M clients, Venmo is among the most used payment applications in the US. In 2020, it carried out about $159 B in payments.
Talking about the move, Venmo's sr. VP Darrell Esch said that the company aims to provide a simple-to-use platform for its clients.The 2020 Venmo Customer Behavior Study shows that more than 30% of the platform's users have traded crypto or equities. 20% of them started to buy crypto at the time of the global pandemic.
PayPal is one of the companies integrating various crypto services.
Trending: Salvadorans are against buying bitcoins at the expense of the budget
In October 2020 the firm enabled purchase Bitcoin and other digital currencies via their PayPal accounts. On March 30, it allowed the U.S clients that hold BTC, Eth, Bitcoin Cash (BCH), and Litecoin (LTC) in PayPal wallets to pay merchants from over the world with crypto.