Venmo now allows buying and selling of digital currencies

TL;DR Breakdown:

  • Mobile payment app, Venmo now supports buying and selling cryptocurrencies like Bitcoin (BTC).
  • The app will only support Bitcoin, Ether, Litecoin, and Bitcoin Cash for a start. 

Venmo has become the latest mobile payment platform to announce support for emerging crypto-assets. The company announced Tuesday it would enable customers to purchase, sell, and hold digital currencies.

Venmo supports four crypto only

For a start, the payment platform will only support four cryptocurrencies, which includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Although the Venmo crypto service launches today, it’s expected to be fully available to all the customers in the coming weeks. They can use as little as one dollar from their balance to purchase any of the supported coins.

While speaking on the new service, the senior vice president at Venmo, Darrell Esch, commented:

“Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

PayPal extends crypto service to Venmo

Already, the parent company of the Venmo app, PayPal, launched a similar service last year, allowing customers the option to buy and sell cryptocurrencies. On March 30, the payment giant announced that its customers in the United States could checkout from stores using digital currencies as a payment option.

Other popular payment companies and financial companies are now making moves towards adding cryptocurrencies to their suite of services. These include the likes of Visa, which recently adopted USDC stablecoin as a settlement currency. Goldman Sachs, Morgan Stanley, and other popular banks are looking to offer their wealthy clients access to digital currencies.

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