Venmo, the social payments arm of PayPal, has announced that users can buy, sell and manage cryptocurrency through its mobile app.
Customers will be able to buy and sell cryptocurrency with money from their balance at Venmo, or a linked bank account or debit card. All transactions will be managed directly in the Venmo app
The company said in an announcement that the service, called “Crypto on Venmo,” began rolling out yesterday and will be immediately available to all of its 70 million customers in the Venmo app within weeks.
As with PayPal, the offer on Venmo is made possible by the partnership with Paxos, they handle the technical execution of the transactions. Currently, only bitcoin, litecoin, ethereum and bitcoin cash are supported within Venmo’s app.
Of course, this comes as no surprise. When it was announced that PayPal would be offering cryptocurrency services, there was also talk of Venmo following suit in 2021. To do so, both PayPal and Venmo have been licensed by the New York Department of Financial Services. Without this approval, they would not be allowed to offer cryptocurrency.
Venmo said in the announcement that according to its 2020 customer behavior survey, more than 32% of its customers have already started buying cryptocurrency or stocks, 25% of which started during the pandemic.