PayPal adds Venmo, buying and selling cryptocurrencies to its service

PayPal’s Venmo mobile payment service has added the ability to buy and sell cryptocurrencies. This was said in a statement.

Bitcoin, Ethereum, Litecoin and Bitcoin Cash will be available to 77 million Venmo users over the next weeks, according to the announcement. The minimum purchase amount is $ 1.

«Users will be able to trade cryptocurrency using funds from their Venmo balance, linked bank account or debit card,» the press release said.

The partner was Paxos. In July 2020, it became known that the payment giant had selected her for asset management.

In addition to integrating the functionality of working with cryptocurrencies, Venmo will also have an educational material that will talk about the various features of the Bitcoin network and other digital assets.

It’s worth noting that Venmo encourages its users to spread the word about their own actions. That is, very soon Venmo users will see messages like: «Alice sent Bob $ 50 in bitcoin.» This is already free advertising of cryptocurrencies, and among 77 million people.

Venmo is a mobile application that allows people to transfer funds. It is convenient to make small payments with it, for example, divide the bill for dinner, get paid for work, send a gift, and more.

Venmo has 77 million users. Since 2013, it has been owned by PayPal.

  • As a reminder, in November 2020, PayPal launched the purchase and sale of bitcoin for US users.
  • In early March 2021, the firm confirmed plans to acquire crypto storage infrastructure provider Curv.
  • In the same month, sources told Reuters that PayPal would allow US customers to pay for purchases with Bitcoin, Bitcoin Cash, Ethereum and Litecoin at partner stores.

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